Things Were Good, but then they Got Not As Good. Next, they Will Either be Good or Not
After a pretty epic crypto run, Bitcoin pulled back a bit at $9.1k and took other cryptos with it. This was magnified by some news which spread Fear, Uncertainty, and Doubt. Otherwise, there is some good news.
What is Up Crypto? The March 22nd Edition
There was this a meme circulating yesterday, where Bruce Banner says “it is a good time to buy crypto” and then Thor is like “is it though?” It is funny, but that is because it is true.
Since the rally from $7.4k to $8.4k in about 1 hour on Sunday over the G20 “news”, crypto went on a bit of a bull run and subsequently, the mood in the crypto space was hopeful.
However, that bull run slowed down last night after Bitcoin failed to break through one of many resistance levels at $9.1k (read more on that).
Right around the same time, it was announced that Japan issuing a warning to the major exchange Binance (more on that).
The mood the day has shifted with those events.
Honestly, I don’t want to blame all price action on the news or spreading FUD, but people want a “why” to help them make sense of market action. So, the reasons are these.
- $9.1k resistance which could very well be tried again shortly after some consolidation.
- Also, the Japan FUD and this very unfortunate and annoying bit of FUD.
None of that news is very bad news, and Bitcoin’s neither moving consistently up or just down is a healthy sign. A little pullback in price after a few days of upward movement isn’t inherently bad. Still, this is generally what happened with Bitcoin today (hence we’re talking about it).
TIP: Not all the news was bad news. Binace released a Mac version of their desktop app. If you consider price, Bitcoin has shown that it isn’t ready to be counted out of the game. Instead, its recent price action has been arguably healthy compared to the sort of absurd runs we saw before the correction started in January. There is a bright side; it just isn’t the side that manifested when the market started dumping while all normal people in the U.S. slept!