Bitcoin Gets Rejected at US$32,400! Investors Lose Their Final Hope

Bitcoin investors are losing all hopes to retain their profits from BTC investments

The price of Bitcoin plunged to its lowest since the year 2020. After setting its high standards in November 2021, the crypto plummeted exponentially, wiping away most of the investors' wealth. The declining BTC price even led major cryptocurrency exchanges like Coinbase and Binance to tank massively in value. The crypto ecosystem went down into the full meltdown mode in May when BTC tanked below the US$30,000 mark. This conundrum even scared eminent celebrities and tech giants like Kim Kardashian and Elon Musk. The accelerating declines of popular cryptocurrencies like Bitcoin and Ethereum quite clearly demonstrated that the losses incurred by the cryptocurrency market cannot disappear overnight. After Bitcoin declined, the period of panic enhanced when UST fell and imploded the entire Terra ecosystem. The cryptocurrency fell entirely wiping away more than 98% of the investor profits. But in the broader cryptocurrency market, even though most investors chose to walk away from Terra LUNA, a majority of the investors held their Bitcoin tokens with the hope that the crypto will soon rise again.

For quite a long time, the crypto portrayed tight price movements and has eventually failed to break its resistance above US$32,000. There are several reasons for this price volatility, but experts believe that the most important reason behind this failing crypto market is the uncertain stock market. For the past several months, since the crypto market imploded bringing down the values of major cryptocurrencies, analysts have realized that the crypto ecosystem has been quite uncannily following the price patterns of the stock market. Any economic and financial breakdown in the global community brought down the price values of cryptocurrencies like Bitcoin, Ethereum, and Solana. It is quite disappointing since the whole point of investing in a decentralized market was to stray away from the global political, economic, and financial issues. Further adding to Bitcoin's fluctuations are the digital asset regulatory frameworks that are being implied in most nations.

Bitcoin's Inability to Cross the US$32,000 Resistance

According to Coinmarketcap, Bitcoin is currently trading at around US$30,000, at the time of writing this article. Even though it might be a sign of relief for some, professional traders and experts have noticed that once again BTC has failed to maintain its high-volume price resistance. Around May 2022, the Bitcoin price reached around US$32,000, but it dived right back to US$29,000 failing to breach this mark. It might satisfy investors since the crypto is not declining any further than US$29,000, but key indicators believe that in the upcoming months, BTC price might dive further as low as US$8,000, creating its resistance around US$20,000.

Bitcoin price might have been left at the mercy and concerns of the global market. The US$30,000 mark has been breached so many times over the past few months that there is actually no point keeping it as the resistance. The sudden rise and decline in the Bitcoin price are pushing back the sentiments and optimism around investing further in it. Nevertheless, Bitcoin still holds the most powerful position in the market, with its adoption as a payment option by some of the most popular luxury brands in the world. These might instigate some hope and optimism around the crypto's future, but for average investors, it might not be enough if the market value does not go higher than US$30,000.

Bottom Line

After repeated failures to contain the price value of around US$32,000, Bitcoin slipped back to US$30,000. But its adoption rate has not declined. More and more institutional investors, luxury brands, and nations are opting to adopt Bitcoin with the hopes to create a framework for the citizens and companies to utilize its benefits and leverage the profits yielded by it. Even though its market value is at a standstill, its adoption and acceptance in the market project growth and development.