Bitcoin Held a Pivotal Support During Its $1,500 Correction
Bitcoin underwent a swift drop on Monday morning on news of a successful vaccine trial. The leading cryptocurrency was largely reacting to the U.S. dollar index, which moved higher seemingly because a vaccine would mean less stimulus would be necessary moving forward. The stock market also jumped higher because it meant that U.S. businesses may […]
Related News
Bitcoin has faced a strong correction over the past few days after peaking at $11,200 last week. At the recent lows, BTC traded for $10,200, meaning it had dropped over $1,000 from those highs. The coin now trades at $10,500 as of this article’s writing, technically in no man’s land. A trader thinks that the prevailing trend is still bullish because the cryptocurrency held a pivotal support level during the drop. Other signs also show […]
Bitcoin has entered no man’s land as it fails to pass $11,000 but is holding the low-$10,000s. The coin now trades at $10,900 as of this article’s writing, again below the aoforementioned support. Bitcoin actually may be in a positive spot, though, as it managed to hold a pivotal technical level of macro importance. Bitcoin Holds Pivotal Macro Support Level To some market participants, Bitcoin’s price action over recent weeks has been purely bearish. After […]
Ethereum has undergone a strong correction from the 2020 highs near $490. The leading cryptocurrency currently trades for $345, down 30% from the aforementioned highs. Many investors have pointed to this correction as the start of a longer-term bearish trend for ETH. This may not be the case: analysts say that Ethereum’s long-term outlook is still positive. They cite pivotal technical factors, including but not limited to a strong set of technical levels below ETH’s […]
Bitcoin finds itself at a pivotal juncture as the market navigates uncertainty and growing doubt in the days ahead. After reaching an all-time high (ATH), the price tumbled sharply to the $92,000 level, triggering a sentiment shift from extreme bullishness to cautious optimism. This rapid correction has left many traders questioning the sustainability of Bitcoin’s […]
Since January 31, Bitcoin (BTC) has experienced a significant correction, with the leading cryptocurrency plummeting as much as 27.52%. Currently valued around $79,000, Bitcoin’s price is precariously balanced above a crucial support level dubbed as “the magic line,” which is set at $74,000, pivotal in determining the market’s trajectory—bullish or bearish. A Historical Buffer Against Bear Markets In a recent social media post on X (formerly Twitter), market expert Doctor Profit emphasized that “the magic line” placed at $74,000 in his analysis is not just a number....