In recent months, Bitcoin (BTC) has been experiencing difficult times and tries to deploy a long descending trend. However, growth attempts have not yet been successful.
We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.
Bitcoin investors lose confidence
The index of fear and greed shows the predominance of fear among BTC holders. Since the beginning of March, this fear has intensified, as the market does not respond to positive signals. While the price of bitcoin remains in place and cannot restore a bull impulse, investors’ confidence continues to decline.
Against this background, many investors refrain from active actions. At the moment, they avoid more risky investments and do not participate in active trade.
In addition, the number of active addresses in the Bitcoin network is at an almost two -month minimum, which indicates a decrease in activity.
This means that the holders retreat and show less interest in transactions or moving their coins. The lack of enthusiasm for participation in the network indicates that investors are not sure in the future direction of the market.
BTC Forecast: Is it possible to increase above $ 85,000
At the moment, Bitcoin is in a descending trend, which has been going on for three months: all this time the price of the coin lasts about $ 83,768. Despite several attempts to overcome $ 85,000, BTC could not hold growth.
If the bear’s mood remains and the fear of investors remains high, Bitcoin can fall below the current support at the level of $ 82,619. A possible fall to $ 78,481 threatens to extend the descending trend and increase losses for holders, increasing the uncertainty on the market.
However, if bitcoin can overcome the critical resistance of $ 85,000, the road to growth to $ 87,344 will be cleared. Successful overcoming of this barrier can change the current bear forecast, pushing bitcoin to $ 89,800 and opening new prospects for cryptocurrency.
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Source: Cryptocurrency
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