Search Bitcoin to pull up headlines right now as of the date of this article, and you will see many news sources pointing to a decline in price. While it did slide back a little after the ETF idea was shot down, again, BTC has been on the rise in recent weeks. It just goes to show you how the market works right now. Analysts are always pointing to what is going on in the past few hours vs the overall trend for the past week, month or even the past year.
Bitcoin & Long Term Trends
Yes there are analysts that will point you to the long-term trends. But people are always painting a picture about instant results. The fact of the matter is BTC was selling for under $6k per coin not too long ago at all. Now it is right under $8k per coin. Therefore, it has been on a bullish move here recently. In fact, aside from the bad news about the ETF being denied, it appears that BTC might stay with that bullish trend. Read more at Bitcoinprofitmonster
It is true that you really just never know sometimes when it comes to crypto-currencies. Still, Bitcoin has been in recovery mode. You have to realize that when the price of BTC drops, the other digital currencies often follow suit for the most part. They don’t rise or fall in unison, but BTC is to other cryptos as the DOW is to the rest of the market.
How the DOW Effects the rest of the Markets
If the DOW does poorly, you know that the rest of the market isn’t doing too well. There will be the exceptions. The same goes with the relation of Bitcoin to the rest of the altcoin market. Did you get in on this last Bitcoin spike? It remains to be seen if the bullish trend will continue, but everyone will certainly know soon enough.