As of May 7th, at 2h30 in the morning, Bitcoin is trading at around $56K after dropping from a high of $64.7K on April 15th down to a low of $47k on the 25th
Since the end of February, the Bitcoin price has seen sideways movement and some people are already losing hope. People are just impatient. Bitcoin will get where it has to go after this consolidation phase. While Bitcoin had a small dip on the 15th; The retracement was supported very well on the Fibb as well as the Ichimoku cloud, quickly regaining $10K in five days.
Breaking of this support level would have signaled some very bearish news for the whole crypto sector. Now that we have regained some bullish momentum; the next target to look for would be the last rejection mark ($64,7K). Once we push through this resistance zone, we might have some steam left to be able to hit the $74K mark.
The whales are really good at driving people out of the market
Driving fear, FOMO, and liquidating long leveraged positions along the way, aiming for maximum pain. Meanwhile, they are buying the dips and accumulating. The big guys, the banks, the institutions meanwhile are laughing at us.
Look at these miserable retail traders, getting scared, influenced by emotions, and FUD. They don’t know what they are doing.
While you might be worried because Bitcoin’s price hasn’t moved as much as you wish. Either way, you should just be dollar-cost averaging and buying more while it’s still cheap. And then all you have to do is HODL.
Customers of U.S. banks will soon be able to buy, hold and sell bitcoin through their checking accounts. NYDIG, a subsidiary of asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services to enable U.S. banks to offer bitcoin in the coming months. And according to NYDIG, hundreds of banks have already enrolled in the program.
What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships.Patrick Sells, head of bank solutions at NYDIG
The banks are starting to see the missed opportunity
They see the money flowing to Kraken, Coinbase, Robinhood, Square, or Paypal, they see their customers leaving for more crypto-friendly institutions. They are starting to get scared. As hundreds of smaller banks sign on to offer BTC to their clients, giants like JPMorgan Chase and Bank of America could face pressure to offer crypto to their retail banking customers. Citi could be the next major bank to enter the digital currency market after surging client interest, the Financial Times reported on Friday.
And NYDIG arent nobodies. They are made up of the smartest Goldman employees. They saw the writing on the wall in the legacy banking system. NYDIG also understood the US public would catch on to the Ponzi scheme in the fiat system.
There are $17 trillion in bank deposits at US commercial banks right now
If people were to convert only 5-10% of their holdings into Bitcoin, that would add between $850B to $1.7B into the BTC money flow. This consistent flow of money going into BTC, as well as the increased adoption from institutions and the traditional financial system.
Be careful to not overleverage your trades, only trade what you can afford to lose. If you are not sure about your trading capabilities, it’s probably better to dollar-cost average. Be aware of your emotions, FOMO and FUD.
If you’re panicking right now, maybe reconsider how much you have invested or what coins you’re invested in. This is a volatile space and your mental health is more important than anything else, especially controlling your emotions. Take care of yourself, stay hydrated, check your posture, and keep a big picture perspective.