Bitcoin is currently trading around $ 60,000. But quite recently, market sentiment has changed, which means that players are no longer willing to respond to news about Bitcoin investments. Therefore, the market needs an influx of new investors for it to undergo another strong growth.
At the same time, approximately 40% of bitcoin investors are small or retail. They bought the cryptocurrency just so they can gain profit as quickly as possible, which means that they will drop it at any time, especially if they think that the upward trend is ending. This is not good for the market because it means that the BTC portfolio will not be sustained. But if large players buy up all the coins that went on sale immediately, then there will simply be a redistribution of owners, not a significant price change. Bitcoin's value will decrease only if supply exceeds demand.
But the stumbling block in seeing new investors is that the governments of almost every country in the world view cryptocurrencies as something that finances terrorism, criminal operations and money laundering. In fact, UK authorities foresee that cybercrimes related to cryptocurrencies will surge, so the fight against Bitcoin will continue. However, this should not affect prices very much.
And technically, nothing has changed in Bitcoin yet. There is no downward correction even if buyers failed to overcome $ 60,000 again. Nevertheless, the main cryptocurrency is walking on thin ice and any large sell off can trigger a strong collapse. To be more specific, dropping below $ 52,300 or $ 44,000 will provoke a very sharp downward movement.