After Today’s Jump, Here Is Why Bitcoin Looks Stable Rather Than Bullish

Bitcoin (BTC) gained 3.80% over the last 24 hours, bringing its price up to $60,936 (BTC/USD). However, this does not indicate a bullish trend for the coin, and we will tell you why.

Bitcoin has been sticking close to $60K for a few days now, and even though the coin dipped on Sunday to fall as low as $58,706, the coin has climbed back up past $60K today.

Instead of climbing steadily and developing a bullish thrust, this token is being kept in a state of mild stability. Bitcoin cannot seem to break free from the $60K level, but that could change very soon.

Staying close to $60K is safe for the coin right now, as it has just come out of a very low point where it fell as far as $49,842. If Bitcoin were to drop that low again in the near future, it could lose a lot of investor goodwill. The market has to show some level of stability to continue to attract investors who will want to stick with a coin for the long haul.

The Rosy Outlook of Current Stability

Bitcoin’s current trend that is keeping it close to $60K is a safe one for the moment. This demonstrates some stability, which is exactly what the market needs right now. Investors need to know that Bitcoin and other kinds of cryptocurrency are inherently volatile. They could move quickly in a different direction without any notice, moved by the whims of economic factors like inflation, unemployment reports, and the value of the US dollar.

Periods of stability help the coin to gather new investors and to hold on to some of the older investors. If past behavior is any indication, Bitcoin could use this current stable trend as a springboard for a bullish trend, especially if a new economic report shows positive economic growth. Without strong new factors at play, though, Bitcoin will tend to stay right where it is.