It has been an ongoing show since 19 May 2021 that the crypto market is slowly destabilizing, and volatility is getting stronger every passing day. A few weeks earlier, Bitcoin was behaving all weird, falling down the $55K resistance line and then rebounding itself above that only to repeat the whole thing afterwards. Ether also went through something similar but not that apparent as it also lost its $4K resistance and did fall below it but was able to keep a more mature and consistent performance than Bitcoin. But now, as it happens, both Bitcoin and Ether have dropped the ball and are continually falling in terms of performance and value.
That long-term bullish run which many investors and traders hoped for before, is not possible at the moment. Bitcoin was keeping itself in between the $55K and $60K range, as this was its resistance line, but as soon as the corrections started, Bitcoin was falling like crazy. It first dropped $55K resistance and then fell even further all the way down to $50K. At the time of writing, the price of Bitcoin is between $48K and $50K, which is not so strong regarding the overall performance that is expected from Bitcoin.
Whenever Bitcoin takes a hit, the whole crypto market feels the tremors because it is the primary cryptocurrency within the market and has a huge say in its overall market capitalization and adoption rate. Now when the whole market is plummeting, the more important question is, should investors be buying the dip?
As it is evident from the past that one crypto market is in ruins, investors jump in from all across the globe to buy the dip, which is buying Bitcoin and other cryptocurrencies at a discounted price because of the corrections. Many investors believe that this ultimate hide and seek will continue for years to come and who knows crypto market might find elements to stabilize itself in the future, so at the end of the day, it would be wise to buy the dip.