Bitcoin Now Trades At $22,000 After Recent Price Correction

Bitcoin had a great trading week last week as the leading digital asset went ahead to break its previous all-time high record, which was last set in 2017. The digital asset didn’t stop there; it went further on to set a new all-time high record of $24,000 before making a price correction to trade slightly under that figure.

Even though the coin is now seeing a decline than it is making a surge, a review of the entire market sentiment shows that the market remains bullish. Even without the market sentiment, one can analyze the market as a bullish one using previous bullish runs.

Bitcoin saw the longest run of green candles last week

In a review of the recent performance of Bitcoin since it was launched, this is the first time that the digital asset will have a massive run of green candles. The last time this happened was in 2019 when Bitcoin recorded eight green candles in a row. With Bitcoin doing well, traders, investors, and enthusiasts have showered encomiums on the digital asset across the weekend.

In a recent tweet, Michael Saylor said that Bitcoin promises prosperity and is working hard to earn in Bitcoin rather than the United States dollars. In the same regard, the CEO of Tesla, Elon Musk, recently asked several questions about converting his balance sheet to Bitcoin. Elon started considering the possibility of achieving that after he requested Michael Saylor for directions on how to carry it out.

This favors the people trading Bitcoin because those at the top are always consistently talking about the digital asset. Michael Saylor has termed the latest development as a remarkable turnaround in the history of money. The Bitcoin market has also backed up the claims made by Saylor and other proponents in the space.

CBDCs will show a historic turnaround in the financial system globally

The one-day Bitcoin chart has given the trivial signs into how the digital asset will perform in the coming days. With Bitcoin presently in the uncharted territory of $20,000, the digital asset is doing well and has not yet encountered any resistance in the region. With the time for a price correction already due, experts have noted that the coin will soon undergo a price correction in the coming weeks.

Bitcoins first support levels is presently set at $23,000 and $23,200, a figure that is also supported by the first green line. The latest Fibonacci level is at 0.236 around $22,250, followed by the 0.382 and 0.5 Fibonacci levels. The price of the Fibonacci levels is said to be $21,405 and $20,673. The recent chart also talks about the various price surge and decline over the years, especially the price surge in 2017.

Traders and investors are still bullish over the price of the leading digital asset, with the market price of Bitcoin expected to rise in the coming months. With various banks across the globe announcing a look into their respective CBDCs, we are set to witness a historic turnaround in the financial system.