It’s been a rough year for Bitcoin, with the cryptocurrency dipping to its lowest level since November 2020 before recovering to trade around $21,000 Tuesday.
Such volatility led searches of “Is Bitcoin Dead?” to reach an all-high for the week ending June 18, according to Google Search Trends.
So are the rumors of Bitcoin’s death greatly exaggerated or is it time to prepare a eulogy?
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Over the holiday weekend, Bitcoin dipped further into bear territory by touching as low as the mid $17,000s, its lowest level since November 2020. To make matters worse, according to google search trends, the search “is Bitcoin dead” reached an all time high for the week ending June 18, leading some to speculate that things can get uglier amid the ongoing crypto winter.
It doesn’t help that crypto firms are laying off large amount of employees, and some of the most popular names in the industry are facing solvency meltdowns. However, we all know the greatest investors teach us to be greedy when others are fearful and be fearful when others are greedy. And according to the Bitcoin greed and fear index, Bitcoin is in extreme fear territory.
This has caused some buyers to step in causing Bitcoin to recover and trade back above $21,000. However, from a technical standpoint, Bitcoin has broken below a key support level of $19,000, which would make some think this is a temporary recovery, and there is still room to go lower…What do you think?