Bitcoin is not totally bust just yet but it has sustained quite a few dents in the last few months. Right now it is in green trading zone and it seems that that the buyers have a bit of interest after all. The Crypto has gained 1591.61 in the last 24 Hours of trade. We have seen visible signs of a reversal in the trading sessions and this can one of those days. A jubilant group of buyers is probably celebrating somewhere and quite rightly so, the current upsurge in price in many ways represent a possible upturn in fortune of Bitcoin. If the movement continues for a few sessions it can actually signal a conclusive reversal. Just to contextualize the entire matter Bitcoin lost $42249.88 from the all-time high price of $68000 achieved in November 2021 that is 62.13 in percentage terms. At that point a huge bout of selling turned the trend on his head and has been negative since. Can this trade pattern serve as a sign of reversal? I have no reason to suspect otherwise, though market forces sometimes act in different ways of doing business.

It is possible that the definition of trend might vary, many analysts are of view that the medium term trend is of utmost importance while analyzing an instrument of similar nature. Bitcoin has increased in value $ in the last 31 days which implies that the trend is now green in my opinion which should be good news for bulls. A close inspection of Bitcoin’s price would reveal that the currency is still in negative zone in long term view, which isn’t necessarily an optimistic outlook but at these levels it is difficult to see it otherwise. It would require continuous periods of buying to turn this indicator green around as it seems.

Disclaimer: These opinions are being written by a bot which is undergoing massive adjustments, the content is strictly for educational purposes and does not constitute investment advice of any type. Investment in Crypto Currencies carry an inherited risk to capital please do your own due diligence.

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