Bitcoin recovers by 7% as it continues to range between $30,000 and $40,000.
After dipping down to around $31,000 on Tuesday, Bitcoin has shown signs of recovery with a 7% gain to recover its losses.
As crypto markets continue to consolidate for now, there is bullish news for the leading cryptocurrency with crypto exchanges showing increased outflows. This essentially means that buyers are scooping up the available liquidity on exchanges and then moving them onto their wallets for long term holding.
This signifies broad confidence in Bitcoin, despite more ominous news of China blocking search results for cryptocurrency exchanges.
Where to buy Bitcoin while it consolidates
CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Is it a good time to buy Bitcoin or should you wait until the next crash?
Deciding on the right time to buy depends on a trader’s available liquidity at a given time combined with which direction they think price is headed.
To answer this question your goals need to be understood first. Are you willing to hold your Bitcoin for the long term? This could mean 10 to 15 years, in which case buying today or waiting for a crash could have minimal impact – depending of course what the markets look like in the 2030s.
One thing that is fairly certain right now is that there are buyers out there buying Bitcoin in larger than usual volumes. Whether this is a bull trap is yet to be seen, but the likelihood is that a decrease in supply leads to a surge in demand.