When Will Bitcoin’s Correction End? – BTC price analysis
(note: the post contains data by CryptoPotato)
Following a remarkable surge that propelled Bitcoin to an all-time high of $73K, the price encountered significant selling pressure, resulting in a rejection.
However, after undergoing a period of corrective retracement, the price has found a firm foothold within a crucial support region, potentially putting a halt to the prevailing downtrend.
A comprehensive analysis of the daily chart reveals that Bitcoin’s impressive rally led to the breach of a significant resistance zone marked by its previous all-time high of $70K, ultimately reaching a new peak at $73K. However, intensified selling pressure emerged, likely as participants sought to capitalize on their profits.
Consequently, this heightened selling pressure halted the uptrend, triggering a notable 12.5% decline. Despite this downturn, Bitcoin encounters multiple significant support levels along its trajectory, including the 0.382 ($64,917), 0.5 ($62,181), and 0.618 ($59,444) levels of the Fibonacci retracement.
It’s important to note that the price entering the $70K – $80K range introduces the potential for increased volatility, with profit-taking likely to exert selling pressure and possibly initiate a temporary consolidation phase.
Overall, the overarching outlook remains bullish, with Bitcoin eyeing the psychologically significant $80K price threshold.
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