Bitcoin rose above $23,000 for the first time in a month, gaining more than 5% in the past seven days, with a resistance potential of $30,000. The Nasdaq index also rose by 1.7%.
Ethereum was slightly less bullish with its ratio slightly below 0.066 BTC, but briefly surpassed $1,600.
It is unclear whether bitcoin will rise again, but there is a bigger question: is the bear market over?
There is room to speculate that the market is at the forefront of the fall, that during the preceding bearish years bitcoin finds the real bottom.
Because this is the sell side rather than the buy side, investors are selling and anticipating the fall rather than waiting.
This is based on two facts. The $30,000 line for bitcoin has been held for so long that it should be comparable to the $6,000 in 2018.
At that point, it halved again in the fall to $3,000. This time it has halved to $17,000 this summer.
There is, of course, always room for other interpretations. A good jump to do it all over again is a ritual in the bear market, and this cannot be discounted until the bull market is very clear.
But we may have seen the worst, with a reversal now to $30,000, if it happens, which is a very strong bullish signal for the coming months and years.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
