Bitcoin investors are feeling sad now especially the weak hodler due to the recent drop of the asset. One could really tell this feeling, especially the high Hopes injected by the approval of the Bitcoin spot ETF, the awaiting halving which will reduce/cut bitcoin mining profits in half. Speculators have already thought of what that will mean and the direct impact that will be on the price of the asset. Therefore many as  accumulated bitcoin assets with the hopes that it will be mooning. The truth is,  bitcoin and crypto asset in general are a very volatile asset and you never expect it to keep pumbing in one direction untill investors wakes up at a million dollar per bitcoin unit.

            But wait a minute,is crypto market                                   changing  character ?

    Should we have to cast our mind back through the past, bitcoin and crypto in general had been struggling  to make an uprise moves dating back to 29, Agust,22. Struggling to wake from a grass price of $19539 And 20579. The asset even dropped lesser to  $16534 as at 12,Dec, 2022. From there bitcoin/ crypto currencies moves started experiencing an uptrend  till date.  Recently  Bitcoin made it to the highs of $49000, on 11,January,2024 due to the approval of bitcoin sport  ETF.The problem is, many investors and traders lack patience, which lead  them to selling off thier holding out of panic and fomo. Well it is understood  that the law of supply  and demand affects  the market. Now the law of Demand  Which state that the costlier the price of a product, the lower the demand for that product which eventually leads to supply entering the market. But could this be the scenario? Well, nothing goes up steadily and nothing comes down consistently, and crypto markets are not exceptional. It happens in all the market you can think of; fx market, options market, stock market and crypto market. Price doesn't go in one direction. Eventually in uptrend market, price doesn't still move in one direction, there must be pull backs and liquidity grabbing. Those moves are the contributing behaviours of the market participants (traders and investors)

                               The truth

Now you might be wondering why bitcoins is down from $48,000 to 42500. Hear of what happened. The  bitcoin miners decided to sell off  a whopping $10,600 btc, equivalent  to a more than $455: 8 millions. These happened I think about 24hours  ago. Again the professionals decided  joined the sell off,  in order to trigger and manipulate weak holders to sell along side, so they might have many more opportunities to buy at a more lesser prices.

             But what does the chart says ?

The chart on weekly, daily and hourly time frames still graced our holdings,  which means that the chart is still very bullish.and hoping  investors are estimating btc price at 1.3million dollars.

  Well  let's look at the chart below;

             can you trade this now ?

Well, if you are an investor, buy and hodl, it sure going to be bullish. If you are a swing/day trader, you can go long and exit withen the next resistance area.

     Note: This article  isn't  a financial advices, it as been created for educational purposes  only, so please do your own research. Thanks for reading.