With the latest drop in the price of bitcoin, the cryptocurrency is about $ 1,000 less than its value at the end of August. Despite the recent brief surge in bitcoin's price that pushed it past the $ 11K barrier, the top cryptocurrency is in a period of great volatility. Although the price of bitcoin had a slightly bullish week, it does not show the same behavior today as weeks ago when it rose for the first time in the year above the $ 12,000 mark. Many agree that this movement in price is a good thing and that for the first time in about six months, bitcoin's technical charts are showing buying signals.
With this drop in the price of bitcoin, the cryptocurrency is about $ 1,000 less than its price at the end of August. Some analysts believe that this is a solid opportunity for many new traders to get involved in cryptocurrencies, while older or experienced traders have the opportunity to increase their wealth reserves and obtain BTC for less money than a month ago. Right now, various technical indicators suggest that bitcoin is in a good position to buy. The Global Strength Indicator says that this is the first time that bitcoin is ready for purchase since last March, when the coronavirus first began to include in global financial markets.
Bitcoin was hit hard during that month, with its price seeing solid declines that brought the coin below $ 4,000. The price of bitcoin reflects the belief that bitcoin is a hedge against the broader global economy. Bitcoin is extremely resilient and as it gains more and more adoption, coupled with better regulations suitable to support bitcoin, it continues to prove its position as a trusted store of value.
