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Despite the price of Bitcoin down more than -22% and the price of Ethereum down more than -38% in just this month alone, we are still seeing a large demand for cryptocurrencies and related blockchain technologies all across the globe.
This growing demand has been attributed to a growing demographic of new investors (both institutional and retail investors) stepping into the market and taking advantage of the current discount in prices to accumulate cryptocurrencies into their portfolios.
But it does not stop there!
We are also seeing long-term hodlers with Diamond hands increase their current crypto holdings by buying the deep.
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One of these deep buyers was Nayib Bukele the President of El Salvador, who in a recent tweet revealed that the country just increased its Bitcoin holdings by buying 410 BTC worth over $15 million despite the current bearish markets playing out.
Not only that, big-time influencer and industry expert Carl Runefelt who has made millions investing in cryptocurrencies and was recently featured in the Forbes 30 under 30 lists, has repeatedly said he has no plans of selling any of his crypto holdings during this bearish market or anytime soon!
What Does This Mean For Regular Investors?
Well, this is a clear indication that even though the price of cryptocurrencies like Bitcoin and Ethereum are still in bearish territory, there is still growing support for the industry.
Not only that, numerous experts have reiterated that the potential for Bitcoin to get to the $100k price mark is still very valid.
Current BTC Technical Level
For the short term, the key level we are watching right now is the Bitcoin $30k price level on the Daily timeframe. This level is very important because has held prices on numerous occasions and might do so again.
If the BTC bulls can hold on to this key support, there is a very high probability that we might just see the current BTC bearish movement bottom out and begin to reverse back higher in the coming days.
If you are interested in buying BTC, make sure you choose one of the lowest fees Bitcoin exchanges.
As a novice investor, you can also click on SwissBorg or Kraken (U.S. citizens) and purchase digital assets like BTC or ETH.
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Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
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