Wed. Jun 3rd, 2020

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Bitcoin (BTC) Faces Major Test After Failing To Reach $8K

2 min read

Investors are concerned about the show of hesitant by Bitcoin (BTC) in the last couple of days. A pullback has been predicted for the last couple of weeks, and the moment could be now.

Bitcoin has been on an upward trend for the last couple of weeks. Mid-March, Bitcoin (BTC) dropped by more than 40% in a single day. Since then, Bitcoin has been on an upward trend.

This upward trajectory is now at a crucial point with a test of the $8K resistance. But the recent show of hesitant to get over this position has sent a warning to investors.

Last week saw Bitcoin climbed as high as $7,800, positioning the digital asset for a test of the $8K resistance early this week.

Sideways trading has shown that investors are not buying. And with a drop in demand, this could lead to a shake off of speculators leading to a price drop.

Bitcoin (BTC) Halving: What To Expect?

The Bitcoin halving is now just 2 weeks away. This major event will lead to a cut in the Bitcoin supply.

This is a major event that historically leads to price pumps. This time, analysts and investors expect nothing less. However, some have pointed out that investors are not buying as much as they have done in the past.

This is a result of the COVID-19 pandemic which has led to little spending and a need for fiat liquidity.

At the time of press, Bitcoin is trading for $7,800. This is below its year high and far from its ATH of $20K.

With the coming halving, Bitcoin (BTC) is set to reach highs of over $14K which is double its price.

However investors can expect a short fall before this can happen. This will allow for further accumulation by the whales and a shake out of bears.

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Cryptomute | 2020