The Bitcoin bulls are relieved for now as Bitcoin persists around the $28,000 mark, and has shown resilience over the last three months amid the market turmoil.
At the time of writing, Bitcoin (BTC) is trading at a price of $28,238.92, as per CoinMarketCap data. As the prices of all other prominent cryptocurrencies fluctuate, Bitcoin managed to break the $28K barrier last month as the banking sector was struggling.
Ethereum (ETH) and Solana (SOL) are also holding well at over $1,807 and $20 respectively. The Bitcoin bulls currently are praying for the long-awaited $30K breakout which would give some hope to the crypto sector.
Gaurav Dahake, Founder & CEO of BitBNS, shared some insights on Bitcoin’s current situation.
Dahake stated: “Bitcoin’s resilience over the last three months speaks highly about the overall positive market sentiments. It is also a reflection of investor faith on bitcoin as an asset which is increasingly gaining popularity alongside gold and silver amid discussions of recession and Fed-led quantitative easing.”
“Especially during global uncertain times, investors look for assets that are havens against hedging returns amid macroeconomic uncertainties. BNS is extremely bullish on the bitcoin story for the long run and we have always advised investors to consider a SIP approach towards the largest cryptocurrency,” Dahake added.
