With the price of Bitcoin now hovering above $30,000 once again the coin that gave birth to a revolution is showing its staying power and ability to weather bear markets better than most cryptos out there.
Bitcoin is now forming its ninth red weekly candle, having broken through key support levels of $44k last month and $37,500 in May, declining by $15,000 the last two months.
Last year May 19th was a terrible day for a Bitcoin bull like myself. I remember it well because that date is my birthday. I didn’t get what I wished for that year, but this year a continuation of the massive sell-off in the market is exactly what I am hoping for.
The Price of BTC moved back above the critical support level of $29,000 last Friday (May 13th) after dipping as low as $25,500 on the previous day. While BTC has yet to show signs that a recovery is on its way, the pause in the major selling pressure after an extended low seems to mirror the action seen exactly one year ago.
