With the recent breakout of bitcoin, creating more and more highs, there has been astronomical growth that has not been seen for any financial instrument in the modern era. This has made BTC become the go-to instrument when millennials or even gen-Z start investing.
The Fed has decided to print more and more money, plus the incoming US president Joe Biden emphasized that $600 compensation won’t be enough and plans to raise the bill to $2000. These factors have made more and more people and institutions put their money into crypto, particularly Bitcoin.
Yesterday (11/1), Bitcoin dropped significantly from $38,000 to $30,500. This hit many long positions on futures. This growth since December has made many people jump into crypto recklessly, but not as much so as in 2017.
Since the price has bounced from its strong support, there is a potential further downturn if $38,500 holds. However, if this area is breached with strong volume, another new high could be in view.
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