Over the past few days, Bitcoin has gone through quite a lot. Or better yet, not bitcoin, but its owners. The exchange rate of the largest cryptocurrency sank by 20%, which many regarded as the beginning of the collapse. But this collapse has not yet taken place, although it is extremely difficult for the cryptocurrency to grow at this time. According to the analytics company Glassnode, large institutional investors sold 140,000 bitcoin coins worth almost $7 billion in February. This is about investors whose wallets are concentrated from 1,000 to 10,000 BTC. Meanwhile, those investors who have from 100 to 1000 BTC acted differently – they bought about 117,000 bitcoin coins in February. Thus, you do not need to have brilliant analytical skills to make a conclusion: the largest investors began to slowly get rid of bitcoin, and smaller traders continue to buy it. Bear in mind that this is a market, albeit cryptocurrency, but still a market. It does not happen here that everyone bought bitcoin, then everyone sold it and everyone won. Someone wins and someone loses. Thus, it is necessary to be very attentive to the opinion that "digital gold" can collapse down at absolutely any moment. The largest investors will sooner or later begin to get rid of bitcoin, and those who will believe that it will become more expensive will buy it. Thus, someone will still buy the "bits" at the maximum value, after which they will begin to fall. Growth cannot continue forever.
Bitcoin, meanwhile, is trading near the $50,000 mark per coin. The cryptocurrency exchange rate perfectly worked out the Kijun-sen line on the 24-hour timeframe. Thus, according to all the canons of technical analysis, the upward movement should now resume. Yesterday ended with an increase of almost $1000, the exchange rate of the cue ball is becoming more expensive today, so we would conclude that the cryptocurrency is still preparing, at least, for another round of upward movement. In the coming days, everything will still depend on various kinds of messages and social media posts. We have repeatedly drawn the attention of traders that the cryptocurrency market is such that just one post on Twitter from Elon Musk is enough for the cryptocurrency to rise in price by $10,000. So, instead of news feeds, it's now better to track the Twitter account of the owner of Tesla and SpaceX. Of course, this is merely a joke, but there is only a fraction of a joke in every joke. Large owners of the cue ball benefit from arranging a hype around the cryptocurrency, so that it becomes even more expensive. So in the coming days, we will probably see a bunch of new forecasts that bitcoin is aiming to conquer new heights.
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