Bitcoin Nears $76,000 Target Amid Price Correction — But Will This Support Hold?
Over the past week, Bitcoin has experienced a strong market correction with prices falling as low as $80,000. Based on a double top formation, Bitcoin is expected to head to $76,000 before re-establishing an uptrend. However, market analyst Cryptododo7 has indicated the possibility of a lower market bottom. Related Reading: Bitcoin Miners Are Hoarding Their Crypto Despite Plunge—Here’s What It Means Bitcoin Bears In Control: Will $67,000 Emerge As Ultimate Support Level? The Bitcoin market fell under siege in the last week with total liquidations reaching $670 million. During this period,....
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We warned in our last column on Bitcoin that the correction had not yet ended. I suggested that there was likely several more days of pain coming for the bulls. The reasons were many, but one of them was that the rise had simply been too steep and too long without a meaningful correction for it to be over in just a day or two. Well, the bottom fell out yesterday. Is that the end of it, or is there more to come? Here we see that the present fall is testing the 4th arc pair for support at 766. Price is also at the same level as a recent swing high. That support could hold, but I am not....
Earlier today we published a technical analysis piece detailing the upward sloping channel through which the bitcoin price was travelling. We highlighted the fact that - from resistance around 248 - we may see a temporary correction, and that this correction would likely halt at the support offered up by the aforementioned channel. Today's action has validated this analysis, and - with the correction over - we've now returned to the upside bias on the intraday level. So what are the levels to keep an eye on to the upside as we head into the US afternoon session and beyond? Take another....
Bitcoin price looks to be slipping from $600 and 4,000 CNY in some exchanges exchanges. Failure to hold this critical level opens the possibility of another corrective wave of decline. Price is grappling with support and resistance at $600 and 4,000 CNY across exchanges. In the 4hr chart we see that price had recently used the 200MA (red) as support. Yet, RSI had advanced too far too soon and formed reverse divergence to an RSI peak from 2 weeks ago (magenta). Price is, hence, forced into correction. The pale magenta trendlines above and below price imply a consolidation range that should....
Bitcoin is rebounding from last week's lows and is nearing $60,000 once again. The price of Bitcoin (BTC) saw a correction in the run-up to the record options expiry last Friday. However, nothing happened despite some expecting a massive move on the same day. The actual correction occurred before the event. On the day itself, Bitcoin’s price has bottomed out and began to rally.The ongoing rally above $59,000 is being fueled by bullish news from Visa and PayPal as both are getting into Bitcoin and cryptocurrency payments. Put differently, the market is very much in the middle of the bull....
Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As the second-largest cryptocurrency by market capitalization attempts to hold its current range, some analysts predict a 6% drop could be coming. Related Reading: Solana Sentiment Hits 1-Year Low Amid Market Correction – Analyst Suggests Drop To $70 Ethereum Risks Fall To $2,180 Following the $1.5 billion hack of crypto exchange Bybit, the crypto industry experienced a market correction that sent most cryptocurrencies below their key support levels. Bitcoin’s price fell....