Is Bitcoin a Good Investment? Attract Your Attention On It As Bitcoin Is Sitting at Key Level Now.

12 June 2023

If you’re asking yourself, “Is Bitcoin a good investment?” Here’s some news for you. 

Bitcoin and other cryptocurrencies moved higher on Friday, hovering at crucial levels as the digital asset industry reels from a regulatory crackdown on the two major crypto exchanges, Binance and Coinbase Global, in the United States.

Bitcoin’s price has climbed less than 1% in the last 24 hours to $26,600, putting it in the middle of a trading band between $26,000 and $27,000 that has prevailed since the largest cryptocurrency failed to hold its April top of over $30,000. While Bitcoin plummeted below the $25,000 range this week after the Securities and Exchange Commission sued Binance and Coinbase (COIN), digital assets have resisted this danger due to a lack of sellers following a year-long bear market.

According to Alex Kuptsikevich, an analyst at broker FxPro, Bitcoin is trading about $26,500 — in the center of the previous day’s trading range and slightly over the psychologically crucial 200-week moving average. A break below this level might lead to a further drop to the previous high of $24,500 or potentially the 50-week moving average of $22,200.

On the macroeconomic front, next week looms enormous. Bitcoin is expected to react alongside the Dow Jones Industrial Average and S&P 500 to U.S. inflation statistics coming Tuesday and the Federal Reserve’s next interest-rate decision on Wednesday.

Meanwhile, pressure is mounting on the crypto exchanges cited by the SEC for, among other things, providing unregistered securities in the United States.

Berenberg analyst Mark Palmer lowered his price target on Coinbase stock while keeping a Hold rating on Thursday, calling the shares uninvestable due to the large regulatory overhang. Moody’s altered the outlook on Coinbase’s debt, namely the corporate family rating and guaranteed senior unsecured notes, to negative from stable on Thursday, citing the SEC complaint.

So, if you’re wondering, “Is Bitcoin a good investment?” It is when you know when to invest in it.

Beyond Bitcoin, Ether’s second-largest cryptocurrency climbed less than 1% to roughly $1,850. Smaller cryptos or altcoins fared better, with Cardano falling 4% and Polygon rising 2%. Memecoins performed well, with Dogecoin and Shiba Inu both rising by less than 1%.

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