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Reasons Why Bitcoin All-time high Might Not be Surpassed this Month

Reasons Why Bitcoin All-time high Might Not be Surpassed this Month


Cryptoknowmics
2022-05-07 01:30:22
Reasons Why Bitcoin All-time high Might Not be Surpassed this Month

Bitcoin has remained relevant and popular for years, irrespective of the ups and downs it had experienced. On Nov 10, 2021, it attained an all-time high price of $68,789.63 according to CoinMarketCap but is trading at $36,445.62 at the time of writing. Many believed that before the end of the first quarter of 2022, it might have hit the $100,000 mark. This seems to be far from being achieved. With one month already gone in the second quarter of 2022, and we have been in the second month, we shall look into some of the reasons why Bitcoin might not break its present all-time high value of $68,789.63 in May 2022. Some of the reasons are: Due to Fear, Uncertainty, and Doubt (FUD) In the past few days, over 1 million Bitcoin (BTC) had been sold. This selling pressure is due to the recently increased rate by the United States Federal Reserve. Traders and investors are trying to reduce the impact of the present market downtrend on their portfolios. If these negative sentiments continue, we should expect the price of Bitcoin to fall further. Bitcoin’s inability to hold support at $37,500 Traders have watched to see if Bitcoin could hold support at about $37,500. However, in the past 24 hours at the time of time, it’s minimum and maximum prices attained are $35,856.52 and $39,620.88 respectively. Analysts noted that this could plummet its price further to around $27,000 soon. Bitcoin Fear and Greed Index of 22 Fear and Greed Index is ...

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