The sharp drop in Bitcoin on Tuesday also shook the crypto money market. Bitcoin, which climbed from $ 29,300 on July 21, saw $ 52,920 on Tuesday, September 7. Bitcoin, which gained nearly 80% value in about 1.5 months, suddenly fell to $ 42,843. The decline in Bitcoin led to panic sales in other cryptocurrencies. This rapid retreat brought to mind the downward trend that started in mid-April and lasted until the end of July. Investors suddenly ask "are we entering a new bear market?" began to ask the question. It is too early to say that a new downtrend has been entered after the sharp decline in Bitcoin. However, it can be said that a difficult process has begun. Because the countdown has begun for the arrangements to be made by the Financial Action Task Force (FATF), of which Turkey is also a member, for cryptocurrencies. These regulations, which are expected to be announced in October-November, are of critical importance for cryptocurrencies. Expectations regarding these regulations are not expected to create a sales pressure in the coming days. In fact, the number of those who expect that the upward movement in cryptocurrencies will accelerate until October-November is quite high.
ATTENTION TO 48 THOUSAND DOLLARS!
For the short term, it is important whether Bitcoin can rise above the $48,000 level. If this level cannot be reached permanently, 43 thousand point levels can be seen again. Below this, another strong support is located at $37,000. In the upward movements, if it is above 48 thousand, the rise can continue until the resistance points of 60-64 thousand dollars. At higher levels, 80 thousand 100 thousand dollars are new targets. At this point, it is useful to make the following warning. There can be sharp price movements in cryptocurrencies. Therefore, it is necessary to trade in these markets with a small portion of your total savings.