The Sideways Trading wrecks Bitcoin’s 13th Birthday Party
This year Bitcoin’s birthday was celebrated on a dull note as the sideways trading continues. Despite the 13th birthday of Bitcoin, the trading volume has been extremely low and the indicators suggest that a short term volume increase can be there but the long term momentum is still extremely low.
On January 3rd, the creator of Bitcoin Satoshi Nakamoto mined the first block of Bitcoin known as the Genesis block that gave birth to the currency we are so fond of. This year Bitcoin’s birthday was celebrated on a dull note as the sideways trading continues. Despite the birthday of Bitcoin, the trading volume has been extremely low and the indicators suggest that a short term volume increase can be there but the long term momentum is still extremely low.
On the contrary, the Bitcoin Mining hashrate saw the all time high value of 201 Exahash depicting that the effects of Chinese Ban on mining is over, but it was still unable to push the price in the upward direction. The Fear and Greed Index remains on the extreme fear side throughout the last week and still has a value of 23 that depicts extreme fear in the investors.
Some analysts have monitored the blockchain data for clues to predict the future price direction of Bitcoin and they have found that the investor sentiment has shifted towards a bearish trend as was seen back in June after the May Crash.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – mohamed_hassan on pixabay