Is Bitcoin (BTC) a buy after its stable position in 2021?

• The massive BTC adoption helped it to correlate with the global financial market.

• BTC had a stable year with a 138% price change from yearly highest and lowest points.

• Several technical indicators project that this flagship coin’s price may exceed $100k soon.

Bitcoin (BTC/USD) is the king of cryptocurrencies that made a new all-time high at the $69,000.00 level on 10 November 2021. Later on, the price showed a corrective momentum where the current price stands at $50,775.26.

Bitcoin became a less volatile asset than before

Bitcoin passed a less volatile year where investors had a lot of opportunities to open or exit their positions throughout the year. In the last 52 weeks, the price rose more than 70% and had a stable position after breaching 2017’s all-time high of $20,000.

The reason behind the price stability in Bitcoin is El Salvators’ acceptance as a payment method besides Elon Musk’s positive sentiment. Moreover, the Bitcoin ETFs grabbed institutional investors’ attention, increasing the price volatility after a 25% loss after El Salvator’s acceptance.

Should you buy Bitcoin (BTC)?

Besides making multiple swing highs, Bitcoin bulls had a strong position above the $30,000 level. However, after reaching the all-time high level, the price crashed lower with a 37% loss and formed an exhaustion candle in the daily chart. Still, the year gain to date is above 80%, where the current price moved above the dynamic 20 EMA on the daily chart.

The post Is Bitcoin (BTC) a buy after its stable position in 2021? appeared first on Coin Journal.

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