Analysts warn that Bitcoin could dip to $38K 'before an eventual breakout'
Bitcoin continues to struggle below $42,000 as extreme fear grips the crypto market and analysts hint at a drop to $38,000. The cryptocurrency market faced another day of weakness on Jan. 18 as the price of Bitcoin (BTC) dropped lower and additional pressure was also put on the altcoin market. Currently, the crypto Fear and Greed Index registered "Extreme Fear" among investors and some traders caution that BTC price could soon fall below its recent $39,000 swing low.Crypto Fear & Greed index. Source: AlternativeData from Cointelegraph Markets Pro and TradingView shows that bulls lost....
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Bitcoin price keeps consolidating in a narrowing price range. Although there is a breakout building pressure in the chart, there is not yet any technical evidence of the eventual direction. The rounded price wave formed over the past two days has begun breaking down and we watch to see if the market will sell price back into the blue support zone. If price is held above the 200MA (red, near $655 Bitstamp) then there is the opportunity that this wave can continue higher. Below the 200MA there is an additional potential bounce level at $640, at which a base wave may complete and then advance....
SUI is leading the crypto market with a 56% surge over the past seven days, reigniting bullish sentiment toward the token. Amid its price recovery, some analysts suggested that the cryptocurrency is about to start a massive rally toward new highs. Related Reading: ‘All Bets Off’ If Bitcoin Reclaims This Level, But Analysts Warn Of Potential Rejection SUI Reclaims $3 Amid Breakout On Thursday, SUI, one of the leading cryptos of this cycle, saw an 11% daily jump to break above a crucial barrier. The token has been in a multi-month downtrend since hitting its all-time high (ATH) of $5.35 four....
After an extended period of consolidation that provided little insight into Bitcoin’s near-term outlook, the cryptocurrency was able to post a breakout rally that has since sent its price surge towards $11,700. This move carried significant weight, as it took place in the absence of an uptrend seen by the traditional market. Analysts are now […]
Analysts warn against reading too much into the complacency suggested by the volatility metrics.