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The whole crypto community exhaled loudly when the Bulls rallied and brought BTC back to the $21K support level. It was a scary week when the flagship coin of the whole industry fell below $19K and started preparing to go even lower. Thankfully, the sudden drop of USD against the euro helped the asset to recover and jump back to $20K on September 9 and confidently break through the $21K resistance level on September 10.
The breakthrough is quite important for the whole community starved for good news. Many people are quite anxious as the crypto industry is approaching a pivotal moment when Ethereum switches to the new consensus protocol removing the need for mining which will surely affect the industry in the long run. We also have many other tokens being pumped by unknown actors.
Cardano (ADA) has been gaining momentum thanks to its announcement that the long-waited Vasil hard fork will occur on September 22, just a week after the Ethereum merge. We also have weird growth of LUNC that, arguably, failed its attempt to burn some tokens to battle inflation. All these news stories add to the collective anxiety and uncertainty.
While many enthusiasts are happy with projects like Cardano or Terra Classic, others think that their questionable growth is indicative of underlying issues with the industry that will be revealed after the merger when the market will succumb to volatility.
During such moments, we need a stable performer. Bitcoin managed to recover against all odds and now firmly sits above the $21K line which is in line with the support level established in August. While it is not a guarantee that the next Bull Run is about to start, the fact that a new support level seems to be taking root it a good thing.
Another important note is that the US dollar that fell sharply on September 9 is still not recovering against the euro. The exchange rate is even lower than it was right after the huge drop. If the trend continues, we could see more investors hedging against fiat currencies by buying more crypto and driving prices even higher!
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