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Bitcoin has not moved as expected despite the news of genesis, one of the world's largest crypto lenders, filing for bankruptcy. This lack of Bitcoin's negative movement in response to the news could cement the upward path of digital assets in the weeks ahead.
Bitcoin is not changing. By Genesis
Despite the dreaded news of a Genesis bankruptcy finally becoming a reality, the price of bitcoin has not reacted negatively. In fact, digital assets have barely responded to current events and are still trading around the $20,900 level.
What this demonstrates is that the news of the original bankruptcy has already been incorporated into the asset price. It is understandable as the crypto lender had been considering declaring bankruptcy for some time and explored their options. It is therefore logical that the prejudices and fear that these news have already been swallowed up by the participants in space.
For Bitcoin, this suggests that the price of the digital asset is where it should be. Since its current price level seems like a fair price, there is more support for the current increase. It also means that to trigger another downward trend for BTC, it would have to be a real disruptive event in the marketplace.
A significant decline relative to a market correction is even more unlikely as a result of this news. This means that a fall below $20,000 could be farther away than the bears would like, putting the cryptocurrency in a position for more upside rather than decline.
BTC sees upside despite Genesis bankruptcy filing | Source: BTCUSD on TradingView.comBTC Investors are considering options that are nearing maturity.
On Friday, more than 580 million dollars worth of Bitcoin options should expire, and although this should normally be a celebratory reason for bears, The continued solid performance of BTC would make it a victory for the bulls that have more to gain from the market.
Despite some expectations that inflation will worsen, For instance, jpmorgan hunts down Jamie Dimon, It's slowing down for the moment, who reduced the pressure on bitcoin and the general crypto market to that point. As inflation falls, risk assets perform better, increasing the likelihood of a price recovery rather than a decline from now on.
Bitcoin’s price is also sitting comfortably above its 50-day and 100-day moving averages. At a minimum, this reinforces the upward momentum for the mid-term digital asset. In addition, there is ample support for the BTC just over $20,500, which provides a deterrent for bears in the interim. If the secured credit is maintained over the weekend, we can expect that it will reach $21,000 next week.
The btc price changes hands to $20,949 as of this writing. It has increased by 1% over the last 24 hours and has had significant growth potential of 10.34% over the last seven days, according to coinmarket capitalization data.
