If a newbie without any prior information about Bitcoin enters the cryptospace right now, he would probably take one step back, turn and sprint away from the community.
While Bitcoin has been recording a fairly successful 2019, the mood has dampened over the past few weeks. Since peaking on June 26th, Bitcoin’s price movement has been anything, but convincing.
At press time, the price had consolidated above the coin’s psychological resistance of $10,000, with the price bouncing off it a couple of times. With cryptocurrency trading volume falling, multiple government officials criticizing the industry and users “panic selling,” it is a nervous time to be a Bitcoin holder.
However, the cryptocurrency’s long-term scenario may be something completely different.
According to a report by The TIE, despite the present bearish scenario, Bitcoin’s long-term traits remain extremely positive. The report also suggested that Bitcoin’s long-term sentiment, which had bottomed around the end of the crypto-winter in December 2018, has been on the rise since.
Bitcoin’s 200-day Moving Average line also exhibited a positive trend in the market and projected a bullish trend.
Over the last few days, the market was highly concerned about a fall in trade volume which caused the collective market to lose over $70 billion in market cap. Bitcoin also projected a reduced trade volume which was initially responsible for triggering the panic sell on exchanges such as Binance.
However, it can be observed from statistics on bitconity, that the coin’s trade volume rose gradually over the last 48 hours, with more Bitcoins in circulation over major exchanges.
While the first half of 2019 was bullish for the cryptocurrency market, the current scenario screams of a bearish run. If the aforementioned facts are to be believed, the long road for Bitcoin will be a bed of roses. However, if there’s anything the cryptocurrency market has taught us, it is this: Bitcoin almost never takes the predicted path.
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