Bitcoin had bearish again to $71.843 on Friday. The bearish happens after its third attempt to break through $73.000.
This drops relatively modestly, since Bitcoin has been bullish 7.9% in a week. Besides that, several cryptocurrency experience the same stable bullishness.Ether has increased to 6.6% and holds at $2.189. Solana climbed 5.1% to $83.09, XRP added 2.8% to $1.34, and Dogecoin rose 2.4% to $0.092. According to CoinDesk, the entire top 10 assets are in the green zone on the weekly chart for the first time in over a month.
Up to now, Bitcoin is still stuck at $73.000. This level is still capped since the announcement of ceasefire on Tuesday. There is an identical pattern as the period before the ceasefire, only shifted to higher value, between $70.000 and $73.000.
CEO of Galaxy, Mike Novogratz, set a higher standard. He explained that the main requirement for Bitcoin to keep its bullish trends is the consolidation up to $74.000 followed by the break through $80.000. If this situation happens, there will be a new wave of optimism and triggered the trend.
When the big cryptocurrency such as Bitcoin, Ethereum, and Solana were stable, several altcoin such as Algorand and Polkadot weakened. This indicates that investors are moving money from high risk altcoin to more stable and secure currencies like Bitcoin. This is known as assets rotation.
The movement of Bitcoin is still influenced by geopolitical sentiments. If the ceasefire goes smoothly and the Hormuz Strait opens, Bitcoin will try to break through $73.000 for the fourth time. Otherwise, if the political tension increases again, Bitcoin’s value potentially bearish to $68.000.
Therefore, investors are now starting to be bolder, but they are also still very cautious while monitoring the global situation.
