Bitcoin has recorded substantial growth in the past few years, becoming the most talked about and popular cryptocurrency worldwide. Most of the people use the term Bitcoin and Cryptocurrency interchangeably, seemingly laymen being unaware of other tokens. Bitcoin, however, is now struggling to achieve a substantial uptrend. Over the last few weeks, it showed a positive record of staying above the 10000 USD mark; however, it could not show any significant growth in valuation.
Gaining Momentum is Tough For Bitcoin Right Now
Experts view it as a possible result of the overall downward trend in the markets wherein many tokens have drifted too low valuation with Bitcoin getting weak. The analysts have highlighted that Bitcoin is still scaling strong and is months away from any massive breakout. One Analyst has also said that the accumulation phase is on.
Bitcoin Struggling To Maintain Uptrend Amid Dull Markets
The crypto leader is still struggling to gain speed as trading is relatively less high than its current price, 10600. The bullish markets have just accelerated the speed a bit; however, the short term rates have not been impacted much.
11000 USD Key Level Price is a BenchMark Bitcoin Needs To Strike
The key price level to observe in the near term is not more than 11000 USD, which would bring in the upward trend for Bitcoin reaching 11200 USD( Its record highest). Just in case there is some refute at the level then the market for Bitcoin may be gravely impacted.
The analyst sharing his insights on the Bitcoin at the macro level said that it is currently tangled in a reaccumulation phase, which strikes off any breakout chances till the end of this year. He also said that the Bitcoin markets are really boring right now referring to the unhappening and dull phase.
Bitcoin may showcase the next uptrend if it gains momentum post its reaccumulation phase. Historical trends show that the Next Breakout for Bitcoin may not happen anytime soon.