Bitcoin’s price correction may not be over, on-chain data analysts warn
A bigger Bitcoin pullback or a consolidation might follow, analysts say, as the risk of whale sell-off remains. Analysts say a larger Bitcoin (BTC) price pullback or a consolidation period could occur. The two factors that could trigger more downside include increasing whale activity and short-term resistance.Bitcoin whale watchingAs Cointelegraph reported, Bitcoin crashed after it surpassed $19,400 across major exchanges. It dropped to below $16,400 before slightly recovering. But analysts foresee another possible drop incoming, especially if BTC does not rebound strongly in the near....
Related News
BTC price spikes above $43,000 as bulls look to push for $45,000 while some analysts warn about the formation of a bearish flag that could lead to a price correction. The bullish narrative is beginning to build across the cryptocurrency ecosystem on March 22 as the price of Bitcoin (BTC) briefly spiked above $43,000 while Ether (ETH) has reclaimed support at $3,000 following a deposit of $110 million worth of ETH into Lido's liquidity pools.Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rallied 6.15% from a low of $40,884 in the early hours of Tuesday....
The rapidly spiking price of bitcoin has caused some analysts to warn investors about investing in Barry Silbert’s Grayscale Bitcoin Investment Trust (GBIT). Bubbles have started to form for bitcoin’s price, according to Parke Shall, a financial analyst at Orange Peel Investments, writing in Seeking Alpha. Shall noted that the bitcoin price traded at over $1,800 Thursday morning, which is 40% more than where it was a short time ago. The influx of capital has contributed to the bubble, Shall warned. He said he wanted to prevent people from buying bitcoin at a 70% premium. The intraday price....
The upcoming launch of a BTC ETF has bulls proclaiming that a $100,000 Bitcoin price is imminent, but several analysts warn that a sharp short-term pullback could also occur. The day the crypto traders have long-awaited is almost here. At the opening bell on Oct. 19, a ProShares futures-based BTC ETF is scheduled to launch and analysts are predicting that additional ETFs will rollout over the coming week. Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by bears to drop the price back below $60,000 was well defended by traders and at the time of....
Bitcoin price trades below $45,000 and analysts say the “almost uninterrupted run-up of the last two weeks” meant BTC was overdue for a slight correction. The high-flying optimism generated earlier this week when Bitcoin and altcoin prices rose was tempered on Aug. 12 as BTC dropped below $43,000. This led some analysts to warn that the price action seen over the past week was nothing more than a dead cat bounce. Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling pushed the price of Bitcoin (BTC) to a low of $43,752 and at the time of writing....
On-chain data may suggest short-term Bitcoin holders could be behind the latest correction in the cryptocurrency’s price. Bitcoin Short-Term Holders Behind The Correction? As pointed out by a CryptoQuant post, on-chain data may hint that selling from short-term holders might be the drive behind the recent correction. The relevant indicator here is the Spent Output […]