Bitcoin rally: what’s going on?

So, a new Bitcoin price record is fixed as big as $69.2K.

The record lasted only a short time, after record prices it fell to $59K (Binance), then it partially recovered, again getting close to record levels.

Generally, Tuesday showed high volatility of Bitcoin, although opening and closing prices were not very different, day fluctuations made traders a lot nervous. 

What's going on?

It’s nothing unusual, ordinary speculators. This is neither good nor bad, it is a feature of any exchange. There are traders who are always involved in the bidding for quick returns. The rise to record values became a trigger, after which speculators began to record profits. At the peak bitcoins were sold for about $1 billion. Once again, the amount of crypto market is in principle small, and a one-time withdrawal of a billion-dollar asset cannot go without consequences. 

At the end of the day, the market managed to absorb all waves of purchases and sales, and the price returned to equilibrium. 

I believe we will have to witness similar situations more than once. After the approval of the Bitcoin ETF, new players and new money came to the market. The number of bitcoins is fundamentally limited, so further growth is almost inevitable. Periodically there will be a profit capture and similar corrections. So nothing extraordinary happens.

Is it worth trying to play at such price jumps?

To be honest, it’s a very risky business to give stock tips. The only way to predict anything is in a quiet market that we don’t exactly have, or with inside information. What kind of insight can Bitcoin have? Remember the past very, when "insiders" once a week reported that the SEC is about to approve the ETF. Was anyone able to predict the actual approval date? So the value of public insides is questionable, and real insiders will certainly not voice valuable information.

I still prefer not to engage in stock games, but to do what I can, developing our Meta Force. What I recommend to everyone.