Bitcoin saw its first major test after a strong sell-off.13% Within one week, it was waiting to decide whether to continue or pause.

What happened to Bitcoin now?

Bitcoin just made a remarkable performance of bouncing around 13% in one week, which is quite a strong correction for an already highly volatile digital asset.

But with the price soaring, what investors and market analysts are looking at right now is not how much higher Bitcoin will go but that it's entering its "first major test" after a week of booming.

What's the big test?

In the trading market, when prices rise sharply in a short period of time there is often what's known as a resistance level, which is where sellers overprice and push upward.

For Bitcoin now, the question that markets are asking is: Will this boom continue or will it consolidate to accumulate purchasing power before moving on?

Why is this important to a new investor?

If you're just starting to get into crypto, understanding the resistance testing phase will help you not be alarmed by short-term fluctuations -- price rallies are normal in this market and not necessarily a sign that something is wrong.

For Thai investors, tracking this situation also affects the port value when converted to baht (Thai: THB ), as movements in the price of Bitcoin will be directly reflected into the value of assets held through markets in Thailand such as Bitkub and other trading platforms under the supervision of the SEC (Thailand) (Thailand: SEC ).

What do you want to see?

There are two ways in which analysts often look at this rhythm: the first is that it's a kind of melody.

• If the price holds above resistance, it'll be worth a lot more than that. With a high volume of buying and selling, there's an opportunity for expansion.
• If the price goes down, it's going to go up. - Yeah? - Mm-hm. It's not uncommon to have a temporary pause. Prices can accumulate before heading in new directions.

What you should do is follow the news from reliable sources, both global crypto media such as CoinDesk, Cointelegraph, The Block and Decrypt as well as domestic news, and don't forget that global factors like the direction of the currency or the SEC (Thailand) policy also affect the investment experience in Thailand.

Follow the Bitcoin situation and analyze market momentum further.Siam Blockchain