Bitcoin Falls Below $70k - Are we entering the Bear Market?
Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
The current crypto market situation is quite difficult for traders because Bitcoin is trading below $70,000 USD, and this has created panic in the market. In this blog, I am going to share what is actually happening right now and whether you should panic or not.
In the screenshot below, you can see that Bitcoin has broken a very important support trendline that was respected since November 2024. Because this trendline was strong, breaking it was always expected to cause a major sell off in the market.
To understand whether the market will fall further, we need to identify the next support trendline. In the next screenshot, you can see the new support trendline that I have drawn. This trendline is created from Bitcoin previous all time high of $69,000 from the last cycle.
At the moment, Bitcoin is still respecting this support. However, if the daily candle does not close above this trendline, then the market could be in serious trouble. At the very least, the weekly candle must close above this support. If that does not happen, the chances of a major market crash will increase.
If Bitcoin falls further, it will also have a negative impact on altcoins. So it is very important to keep an eye on these two support trendlines before making any decisions.
At the same time, remember that such market conditions are often considered the best opportunities for long term investors to enter the market. So instead of panicking, keep monitoring the market carefully because something very interesting could happen in the coming days.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
In the screenshot below you can see my terracore base where we have used 7 attacks and won around 1200 scraps from them. This is what I want to win all the time but I do wish the numbers were more than that.
Below you can see my golem overlord base claim details and we won decent shards even though our parts are not good in numbers and we used only 1/3rd of total attacks in winning those much shards.
That is all I did in Golem and terracore base today.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
