Should I buy Bitcoin? This concern is now on the minds of many investors. Indeed, given the high volatility of Bitcoin in recent times, it is difficult to foresee an increase in assets. However, with a more in-depth analysis of the events impacting the crypto, you should be able to settle down on buying BTC this week. So what about Bitcoin this week?
1- New drop under $ 32,000: an opportunity to refuel with “Digital Gold”
On Tuesday June 8, 2021, Bitcoin hit a new low this year: $ 32,000 or € 25,500. It has since climbed 10% and is now worth € 30,500 on Friday June 11, or around $ 37,000.
Do you plan to buy Bitcoin this week? It would be a great way to take advantage of Warren Buffet's cryptocurrency boost. Indeed, the Berkshire Hathaway company recently made a US $ 500 million investment in a digital bank in Brazil: Nubank. This contribution is seen as a non-direct investment in Bitcoin by the famous critic, as the bank in question provides services for investing, buying and selling Bitcoin.
More interestingly, The Salvador becomes the first country to legalize the use of Bitcoin. Better yet, the new "crypto-enthusiastic country" encourages investment in cryptocurrency by more people and hopes it will help create jobs as well as improve financial inclusion.
Meanwhile, the Winklevoss twin brothers also continue to believe in crypto and deem that despite its price, the asset is still worthy of investment. " Gold 2.0 As they like to call it, will be worth over $ 500,000 in less than 10 years.
So what about cryptocurrency exchanges? As you can see, the trend is upward with a 9.27% Bitcoin buy volume for Binance alone.
Finally, MicroStrategy also jumped at the opportunity to buy bitcoin. Indeed, the firm recently received $ 1.5 billion in orders with which it plans to finance an explosive $ 600 million purchase of Bitcoin. It is therefore taking advantage of the 6.125% return generated by the sale of the tickets to strengthen its long position on Bitcoin.
2 – PullBack : Bitcoin Tests Historical Support a 3rd Time and Returns to Range
As noted above, Bitcoin hit a new low of $ 32,000. This value also and above all corresponds to a very high level of support.
As you can see from this chart, this is a previously double tested price. Another interesting fact is that the volumes also become very volatile once this price is reached. This means that this price makes a lot of investors react.
Following this test, Bitcoin goes up 10% and return to oscillate in the previous row. This rapid rise is due to the significant flow of purchases recorded by the cryptocurrency on June 8 or 9, 2020.
As Bitcoin continues its course in the consolidation zone, you can still catch up with the bandwagon if you haven't already. Buying Bitcoin this week is highly recommended. Indeed, after three $ 32,000 retests, the chances of Bitcoin breaking the consolidation zone from the bottom have drastically diminished, if not canceled.
So you can expect a breakout of the range zone from above at any time. Buy Bitcoin if you want to take advantage of this very next boost.
3 – Buy Bitcoin: the “Bulls” More Unleashed Than Ever
For traders, now is the time to strengthen long positions. Indeed, for them, each fall in Bitcoin corresponds to a buying opportunity. They therefore did not hesitate to take short positions in the crypto.
For many of them, the Bitcoin could still drop. However, even in the likelihood of a low of 17,000 being reached, nothing dramatic is to be expected.
As you can see from this chart, a support of $ 17,000 would only push the crypto into a continued uptrend. The risk of relapse will be very low. Even if electronic money did drop, it certainly wouldn't be to create an even more abysmal drop.
Indeed, as indicated above, Bulls traders will go long with each new fall in Bitcoin. This will therefore have the effect of weakening the crypto crash and ultimately propelling BTCUSD into a strong bullish trend. The likelihood of falling to a new low of $ 17,000 is still very unlikely.
The lowest of $ 32,000 (€ 25,000) was also possible considering the "halving" variable. Finally, the very rapid rise in Bitcoin is a harbinger of a future uptrend.
Buying Bitcoin this week is therefore quite possible. Indeed, the sudden drop in cryptocurrency to € 25,000 makes it more accessible to individuals who were waiting for the right time to invest in it.