The reason Bitcoin is already leveling off after rising
Yesterday’s fireworks were short-lived. There is, of course, a reason that Bitcoin is leveling off after such a rise.
The short answer is: people take profit. For the somewhat longer explanation, you should look at the past period. Bitcoin did not start off well in 2022. In the period before that, the cryptocurrency had already fallen in value with a value of below $ 50,000. The first weeks were then stable, but around the 20th of January there was a dip. A decent dip. A dip in which no one felt whether this was the bottom, or whether the price was going to fall further.
How Bitcoin Is Flattening
With an all-time low on January 24th with a price below $34,000. That proved to be the bottom of the dip, at least in this cycle. After that, Bitcoin slowly ripped up again. Yesterday it got really hard. Helped in part by the news from KPMG Canada. The international accounting and advisory firm has taken an allocation in Bitcoin as an investment. And that’s big news.
Bitcoin rose sharply to a high of almost $45,500 today on Coindesk. But now that increase has leveled off. That’s because Bitcoin has been back in the green for weeks. Many short term traders and investors are now taking their profits. Basically, Bitcoin is now at a new station. It remains to be seen whether the train continues with new buyers on board, or whether people choose eggs for the money and the price drops again because there is no interest. An exciting scenario and also nice that the brewery is brought to life in this way. Because in recent weeks, the sentiment has not been much.
