Despite having a tumultuous weekend, the price of Bitcoin remained stable at the week opening and that points to only one thing i.e. the market getting mature.
Yes, this is because when the market is extremely volatile and other economic factors are also in a fairly dynamic state, the prices usually change. To everyone’s surprise, this didn’t happen. Even the investors were expecting a major high rise and yet their rapid buying couldn’t impact the stability of the market.
This is clearly stating one thing that the market is getting mature and it’s a very positive signal for those who were scared of getting into this pool. If such turmoil could not move the market position, then it’s a clear sign it’s going to remain stable for a long time now.
As for the last couple of months, the price of Bitcoin has been fluctuating between $11,100-11,300 and that’s probably its new lower and upper resistance points. Learn more about the new resistance points bitcoin is moving towards from bitcoin prime
Even if at all, any price divergence happens it will be short-term that too with a quickly reversible trend. The reason for that will be overly bearish and bullish market forces all acting up together. Social media undoubtedly will have a role to play in this but yet again the trend will be quickly reversible.
Whenever the market is moved by such extreme trends, it usually gives relief and jumps back to the normal easily. Although, all of that is clear to us it is still important to see what the market is really capable of.
When we see both sides, $10,800 and $11,500 are crucial points to look up to. Any downfall or rise beyond these points could lead to a plausible instability too.
It would be interesting to see if this is like the usual boring price limit or it will go beyond that. Well, if it does we will be witnessing a new trend. This means that new market price limits will come into play and the price will then be fluctuating between $12,000-12,400.
If we refer to last week’s chart, it shows that a potential new trend could soon be seen. This is because the prices are moving more towards the upward resistance limit and jump it pass at any time. Once it does, the high point will become the new low point and the price will hopefully not fall beyond that point.
Usually, the range between the price fluctuates is not too high. It remains between $250-275 billion with continued rising. Well, there is a low point too and that is, if the price again fluctuates between this limit it will mean that the new price range will be going to boring as well.
Earlier, when this happened the price remained stable throughout 2015 and then it went past these limits and created a new resistance zone. Again this continued for 6 months before the new range was established and then another 6 months before the new one. So, if we go by previous trends we can assume it to wander between periods of 6 months.
In this case, if this limit is surpassed the new limit could range between $11,150-11,300. It will take time to break this limit and even if it happens it will require a very strong bullish force.
Now, the real wait is for that point when the total market will break and reach new highs of $20,000. With the way that the trend is going, it feels it could happen soon in another couple of years.
