The recent downturn in Bitcoin (BTC) has not been able to take it below $ 6000. Even though the downward movement is pretty strong but still, Bitcoin (BTC) did not break $ 6000. On the other hand, it is stabilizing slowly as well. That is why; many of the investors are trying to figure out whether the cryptocurrency markets are actually bottoming out. If indeed, the cryptocurrency markets are bottoming out, then the turnaround will be swift and pretty ferocious as well. That is why; many investors are asking this question.
Is Bitcoin (BTC) finally bottoming out?
Bitcoin (BTC) had been able to create the support of $ 5500 after falling from almost $ 20,000. Even though it has bounced back from $ 5500-$ 7500 before settling around $ 6500, many investors are actually skeptical as to whether it will actually increase further or it will continue to fall.
On the other hand, the cryptocurrency market cap is again above $ 200 million as well. This is a clear indication that many of the cryptocurrencies are increasing as well. This is the reason why not just Bitcoin (BTC) but other cryptocurrencies are increasing as well.
One of the cryptocurrencies that is Ethereum (ETH) has managed to do increase as well. That is why; the bounce back is actually across the industry rather than just in the 2nd most valued couple of cryptocurrencies.
With that being said, Bitcoin (BTC) is also stabilizing around $ 6500. It is currently about $ 6500. That is why; it is able to sustain these levels as well. If indeed, it is able to sustain these levels, this will open up new opportunities for moving higher as well. This will mean that in the future, Bitcoin (BTC) will increase more as well.
With Bitcoin (BTC) dominance being almost at the year high, the performance of Bitcoin (BTC) will be mimicked them across the cryptocurrency markets as well. Due to this very reason, any bottoming out of Bitcoin (BTC) will be mimicked by the entire cryptocurrency industry as well. When that happens, it will become much easier for the investors to rake in the profits as well.
Many of the traders, as well as investors, have been waiting for a long period of time for Bitcoin (BTC) as well as other cryptocurrencies to bottom out. Once that happens, the move will be pretty swift as well which will ensure that Bitcoin (BTC) is again into the bullish territory. That can be the start of another longer-term bullish phase.