Throw a Quick Glance at Crypto Week –Bitcoin Makes Nosedive But Starts Going Upward 

The breaking news updates are drawing attention of the bitcoin analyzers to throw a quick glance at the last week results. It is not appreciable any way due to the sudden downturn in the price value of the bitcoin. The volatility rate was recorded high last week with the faster nosedive of bitcoin value from $36000 to $29000 in mid week. However, it was able to regain some of the losses by rising little bit to trade at $31000 up to $32000. It will continue to stay for next few days in the recent digital currency trading market. 

Reason Behind BTC Drop under $30000 

The abrupt drop from $30000 to touch $29000 stunned bitcoin investors. This happened because of the crash in China’s BTC exchanges. The reports coming from JP Morgan have put the responsibility on the Chinese wrong decision to close the exchanges. The power consumption issues in China forced many local bitcoin and altcoin exchanges to close down shutters. Overnight, there was an 8 percent drop letting the bitcoin value went down rapidly. 

The Bitcoin is a smart crypto trading currency and it will not be fully suppressed even during recession. Wyckoff type trading pattern has been emulated by the bitcoin trading exchanges. Therefore, slowly, it recovers from the bullish divergence to break the barrier of 42000. In between other alternative coins are trying to survive to compete with Bitcoin. 

 In spite of poor performance last midweek dropping at below $30000, Bitcoin has again made its position stronger. Paraguay is another country which has made official proclamation about the entry of bitcoin in its administration. El Salvador has permitted the Bitcoin mining up to 30 dollars worth currencies which can be owned by the individual in the city of El Salvador. Paraguay has made a lot of dramatic changes in the process of mining bitcoin for trading. In between the reports have confirmed that this country has set up new 1500 ATMs for smooth withdrawals of bitcoins. So, the possibility of foreign investment on the crypto trading in this country is increasing rapidly. Another news agency has flashed a report regarding the new deal from the part of Microstrategy. It has bought another part of $500 million worth digital coins for different purposes. 

Data Analysis to Evaluate the Future Position of Bitcoin 

Bitcoin has been steering through troubles and downsides. In4H pattern, the cursor attempts to ascend in smaller time frames like (<4H). However, the position on a lower level is shown descending for long term bullish. In upcoming weeks, experts have to wait for the movement of bitcoin from low to high or vice versa. But its trend may move sideways to receive the downturn or nosedive again. If it sustains without any major fluctuation in price range, Bitcoin will again trail behind the other altcoins. That means, ETH, Dash and Ripple will get advantages over Bitcoins. 

The global scenario needs to be analyzed to assess the rate of progression of the bitcoin. Though many countries like China are denying the access to Bitcoin for technical reasons and massive power consumption, there is still hope for retaliation to boost up the Bitcoin to fight with other alternative currencies. In September this year, cryptos continued skyrocketing increasing its potentiality. The strategic calculation is stating that the overall global crypto market is capped at $2.06 trillion with a sudden 0.85 percent nosedive. Stable coins are capped at $109.44 billion. Bitcoin is rising its price near about $45,160.42 with current 41.28 percent. That means, a strategic 0.32 percent of increase in this month. It will improve if the demand for bitcoin accelerates abruptly to make up the long lasting gap. 

in a statement, an expert claimed that the Litecoin has come forward to entice major business tycoons and companies to utilize this particular coin for transaction. It will go beyond Bitcoin minimizing its dominance. However Wallmart news journal has called it a fake news.

Evaluate Position of Bitcoin 

Bitcoin price is $45,156.09 with $849,698,584,833 market cap. ETH price is little behind at $3,306.15 taking the market cap at $388,513,070,228. So, Bitcoin is not losing its prominent supremacy even after the crunch in the Chinese financial exchanges. Bitcoin is a major brand currency and it is being used by top merchants and international traders. They do not like to invest on the semi-known or unknown cheap currencies. Top crypto currency exchanges have the wonderful leverage options for traders to buy the bitcoins overlooking the home of the altcoins. 

If traders are not confident of investing money on long term bitcoin trading, they can practice scalping to have provisional benefits. It helps traders to have some profits from the difference in price moving of the bitcoins. This day trading gives them a platform to compensate some losses which they experienced in last midweek of this month. Experts are hopeful about the restoration of the bitcoin in the next year if everything goes well in favor of Bitcoin traders.