The BTC market is slowly climbing its way up the ladder. However, that doesn’t seem to impress the investors enough. In fact, the investors have seen so many trends getting reversed in the recent past, that they are unwilling to go along with any current trend. There is nothing wrong with this attitude of the investors. In the recent past, BTC has shown signs of positivity. However, such runs were brief, followed by a steep fall. Therefore, it is really tough to trust any trend at the very outset.
However, the present positive movement is nothing grand. But it is also not insignificant, given the recent downward graphs that the market has witnessed. Therefore, it should be good news for the investors. However, experienced investors know the nature of the BTC. Therefore, they are willing to wait rather than take any risk.
What The Investors Said About BTC Market
We have data from both TradingView and Cointelegraph Markets Pro to suggest that BTC/USD staged a second run-up to near $25,000 on Aug. 13. However, that run has received a rejection from the investors. In fact, BTC/USD gained a stunning $1,300 overnight. However, then again the bulls collapsed to a crucial resistance.
Therefore, it has become really difficult to trust the trends of the Bitcoin market. For instance, a trader named Jibon stated that he would “buy higher” than the spot price, instead of submitting to the risk of any trend reversal. On the other hand, various other traders are of the opinion that unless the $20,700 be broken, every correction will be bullish. Therefore, the trading community is not yet ready to go with the recent trend of the BTC market.
Ethereum is really in the driving seat at the moment. Following an overnight surge of $2,000. The ETH/USD pair sits at $2,020 so far. While various analysts and crypto experts are of the opinion that the Ether market is yet to face its worst spot, the Ether market witnessed around a 20% hike. On the other hand, BTC fell by 40%.
Therefore, the time is not going well enough for the Bitcoin market. It is true that at the moment Bitcoin is showing a sign of growth. But given its highly unstable past runs, the investors are willing to wait so as to avoid suffering from trend reversal.