Bitcoin Interest Waning after Crypto Token Slips Below $118K
Bitcoin may be low right now and not moving much, but it could move swiftly in the next day or two as investors become restless.
Quick overview
- Bitcoin (BTC) is currently struggling to gain upward momentum, holding near $117,679 after a 1.45% loss over the past week.
- While other cryptocurrencies have experienced significant fluctuations, Bitcoin has shown stability, which may appeal to long-term investors.
- There is speculation that Bitcoin could soon see a price jump due to increased trading volume, which has risen nearly 9% in the last 24 hours.
- Investors are advised to monitor Bitcoin closely, as a significant drop could trigger a buying surge and lead to a potential bull run.
Live BTC/USD Chart
Bitcoin (BTC) might be in trouble as investor interest appears to be waning. The coin has not moved much from its current price point, holding near to $118K.
Now down to $117,679 (BTC/USD), Bitcoin is struggling to gain upward momentum. Over the last week, BTC has lost 1.45% of its value, which is unusual when the rest of the cryptocurrency market has moved so dramatically up and then down over the last week and a half.
BTC/USDFor instance, XRP (XRP) is down 11.65% over the last week. Tron (TRX) is up 7.76% in that same period, and Cardano (ADA) is down 11.97% for the same stretch. Bitcoin has not moved much lately and has certainly not seen the very high numbers that other crypto tokens have. It has shown much more stability, which is reassuring for investors who are invested for the long haul but less exciting for investors who are looking to make a quick turnaround on their assets.
Bitcoin May Be Ready to Climb
Because Bitcoin has been mostly idle recently, there is speculation that the coin will soon jump. It may have spent too long down, and investors may be ready to buy up more tokens soon. Over the last 24 hours, BTC’s trade volume has climbed nearly 9%, which could indicate renewed interest.
There is potential for Bitcoin to move much higher, of course, since it was very recently at $123,091- its all-time high. That was just two weeks ago, so the coin could easily move much higher than its current position in the space of a few days.
Boston may need to sink lower before the upward surge occurs. That has happened in recent history around the $105K mark. If the coin drops lower than its current value, though, we could see investors quickly buying the dip and pushing the coin much higher. Any significant drop could easily lead to an immediate bull run, so investors should be watching this coin closely at this time when it looks like it is barely moving.
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