The most popular cryptocurrency has regained its loses very fast. Over the past 24 hours it gained 3,73% of its price. As it turns out, more and more people pay attention to the Bitcoin as halving approaches.
Bitcoin price chart situation
Since the Bitcoin rate passed 9 400 USD level on 30th of April, cryptocurrency seem to show signs of significant recovery. Although, the Bitcoin price declined to 8 500 USD, a quick rebound happened the same day. As a consequence, Bitcoin price fluctuated around 8 800 USD with few approaches to 9 000 USD level.
Yesterday’s session on Bitcoin was opened on 8 895 USD, and closed on 8 912 USD. It was a change for just 16 USD so 0,19%.
Market floods with panic
Some of analysts say, that current situation on cryptocurrency market is caused by halving. Although this event is crucial for Bitcoin miners, it turns out, that it also attracts many speculants. From the market observation it can be concluded that search for phrase “buy bitcoin” has significantly increased. There were also many questions about wallets for Bitcoin on cryptocurrency related groups on social medias, asked by inexperienced traders.
Assuming all of that, the cryptocurrency enthusiasts are falling in FOMO. It is worth to emphasise, that such situation does not mean anything in positive for market, just the opposite. When Bitcoin price will start to fall, most of new users will instantly sell out their assets. This in fact leads us to the conclusion, that there might be a sharp correct on the BTC chart. Bitcoin will be eventually called a risky asset by those, who counted on a large and quick profit just after halving.
Changpeng Zhao (CEO of Binance) has recently talked about investors, that are driven by emotions. Moreover, he talked about FOMO in last week, when 24-hour BTC chart on Binance hit its ATH.