We Didn't Get Too Excited About 50K

The joy did not last long with the bitcoin reaching 50k, about two days ago when the bitcoin touched the 50k resistance and succeeded in breaking through that resistance for a few hours, but this did not last long as we returned again to the 40k levels and the bitcoin fell again and with it most of the cryptocurrencies.

It seems that the 50k resistance was so strong that it made the price rebound back by about 3 thousand dollars to reach 47 thousand dollars and with a drop of about -2%, the bitcoin is around the corner from returning again to the repeated decline.

Looking at the rest of the currencies, we find that despite the decline caused by Bitcoin to the market, it is the least affected at all, as Ethereum, the number 2 currency in the market, fell by about -4%, and this is not the least harmful as well, as we have currencies such as XRP, DOGE, SOL and DOT may It fell nearly -6%.

The rise of Bitcoin to 50 thousand and the rapid decline is what caused great damage to the market, but in any case the Marketcap is still above 2 trillion.

Looking at the performance on the weekly term, we find that the damage is not as big as looking at the past 24 hours, as we still have more than 20% realizing currencies like Binance and 35% realizing currencies in the weekly term like ADA.

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What are we waiting for?

We are waiting for the cryptocurrencies to be in a simple correction mode after colliding with a stubborn resistance and only to regain their strength to launch again to higher levels and this is what we look at from the positive side.

But if the situation continues like this at the end of August and the beginning of next September, we may witness a drought that will continue until the New Year celebrations, as it is rumored every year that people sell what they have of cryptocurrencies in preparation for the New Year celebrations every year. Significant decrease in market liquidity.

And you, what do you think ?

Thank You

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Posted via proofofbrain.io



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