Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

Christian Encila

2 years ago

2 mins read

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Bitcoin could be up with some positive vibe in the coming days.

Following last week’s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback.

After a sharp decline, Bitcoin’s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency.

Sunday’s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing.

Bitcoin Gets Some Good Dose Of Optimism

Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders.

Since Wednesday, when it dipped below $20,000, the BTC/USD pair has risen, while U.S. markets have cooled ahead of the weekend.

Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high.

Bitcoin’s mining difficulty achieved its second-largest decline for 2022 on Thursday.

Bitcoin’s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin’s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance.

BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com

In the meantime, Bitcoin’s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday.

BTC/USD Trading In A Higher Range

After U.S. stocks finished the week on a good note, TradingView data suggested that BTC/USD was trading in a generally higher range.

As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets.

The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined.

Bitcoin’s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future.

According to the central bank’s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned.

Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any “macroeconomic repercussions” from Bitcoin and the larger crypto market’s dramatic price swings, but that stronger regulation is still necessary.

Featured image from Watcher Guru, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.