In the last few days, Bitcoin has risen around $ 20,000 in the latest bullish round. Do you also see a consolidated bull market coming?
Undoubtedly, many people share the opinion.
On August 23, Bitcoin broke the key level at 50,000 , reaching the highest price in recent months.
Paypal recently revealed that its UK customers will soon be able to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The company’s long-awaited move towards cryptocurrencies was believed to be one of the main catalysts for Bitcoin’s massive growth in Q4 2020, so its influence cannot be ignored. However, at the same time many bearish factors emerged.
Headwinds
In the context of With COVID-19 cases on the rise around the world and less than satisfactory economic data, investors are concerned that the Fed may remove the stimulus and begin shifting its exposure to the US dollar.
Additionally, last Thursday, Japanese cryptocurrency exchange Liquid reported that a cyberattack has resulted in a loss of more than $ 97 million worth of digital currencies. Just 10 days ago, hackers stole more than $ 600 million in digital currencies from Poly Network. These events have many traders, especially beginners, concerned about the security of exchanges and can cause them to stop trading for a while, which could affect the liquidity of exchanges and lead to sell-offs.
The MACD of the end of July showed a deviation of price movements, which is a sign that the bullish momentum is weak, or even turning bearish.
Also, Fib 0.618 indicated that USD 51,100 will be the key position. It is noteworthy that the indicator has accurately predicted the price twice from $ 28,800 to $ 50,000. Will the indicator correctly predict the price again?
If the key resistance level manages to defeat the continuous rally, how to make big gains on the downtrend? It is advisable to resort to the 100x leverage provided by exchanges such as Bexplus.
How 100x leverage works
With 100x leverage applied, you can use 1 BTC to open a 100 BTC position by going long (predicting that the price of BTC will go up) or short (predicting that the price of BTC will go down).
For example, in spot trading (spot), if you buy 1 Bitcoin at the price of $ 50,000 and then down to $ 49,900, you will get only $ 100 as profit. At Bexplus, if you invest in 1 BTC at the same price with 100x leverage and the price of Bitcoin falls to $ 49,900, you have a chance of making a profit of $ 10,000 ((50,000-49,900) 100=$ 10,000).
About Bexplus
Bexplus is a crypto futures trading platform that offers a leverage of 100x for trading pairs like BTC, ETH, LTC, Dogecoin, XRP, etc. Based in Hong Kong, it now has branches in Singapore, Japan, the United States, and Brazil. Bexplus does not require KYC and is accredited by MSB (Money Services Business), and is trusted by more than 800,000 traders from more than 200 countries / regions.
Bexplus Features
- Privacy – Registration requires email confirmation and your identity does not need to be verified.
- Demo account : 10 BTC is provided in the simulator account for traders to practice their trading skills.
Join Bexplus to maximize profits.
Bexplus offers Ethereum Classic price prediction, Litecoin 2025 price prediction and XRP price prediction to help users keep up with the cryptocurrency industry.
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