Bitcoin Attempting to Bounce Back from Key Support Levels

Bitcoin which has been one of the most profitable investment options in history has suffered from a huge decline in recent weeks. Prior ro this moment, the crypto currency has received numerous volumes of buyers and investors keeping prices trading well above major zones in the market.

Bitcoin had enjoyed beautiful prospects between 2019 & 2022 making it very tempting for investors. Bitcoin gained over 300% by a price jump from about $5,000 in March 2020 to about $30,000 by the end of Decmber 2020.

Bitcoin has only been in existence for just a little over 13 years and has seen huge growth more than any other asset in history. This growth prompted and encouraged investors and traders to see bicoin as a gold mine which further lead to higher price breaks and an all time high above $65,000.

How’s Bitcoin Today?

Recently, the crypto coin has suffered huge declines and has been trading weirdly leaving investors and traders with a lot of uncertainties regarding its prospects as a good investment. The high returns gained by investors between 2020 and 2021 might’ve been a one time thing and could possibly not have been a longer term plan. Bitcoin experienced huge declines below $30,000 in 2021 and could potentially plummet to far lower figures this year.

As at today, bitcoin seems to be attempting to trade above the 40773 and 39670 support zone. After a couple of retests, the support zone seems to be doing a good work keeping price higher.

We can’t say how long this will go on but we see this as a key area and if at all price is able to break below this zone, we can expect to see price record new lows this year.

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