Bitcoin

Bears Gearing up to Drag Bitcoin Down, This Is How BTC Price Can Defend Itself!

The cryptocurrency market remains vivid lately. While some flourish, others lose out-breath on their run. The market cap of the crypto space at the press time, is down by  1.7%, at $2,718,182,571,073. While the volume for the last 24-hours hovers around ~$166,723,949,932.

The star crypto at press time is trading at $63,624.08. With negative gains of 2.5% for the last 24-hours. While the market capitalization of BTC floats around $1,199,369,171,403. The trading volume for round-the-clock stood at around $44,244,433. The dominance stands at around 44.1%. The coin has been consolidating post-brushing its new ATH at $67,276.79, which was on the 20th of October.

Bitcoin to Lose Its $60,000 Levels?

According to an analyst, BTC grew from $41,000 to $67,000, without any notable corrections. From the chart, BTC price can be seen moving across the rising channel. The star coin had earlier rebounded each time it hit the support levels of the rising channel. However, this time around the coin broke through its support levels. And now holds two probabilities for its price action.

The analyst anticipates the coin to either retest and plummet towards its support levels. Or it might take a dip straight away towards its support level at $59,000. However, the analyst expects BTC to march towards its milestone in the range of $78,000 to $80,000. Following the price correction. But in no terms, it means a bear trap.

Collectively, a price correction seems to be imminent, prior to a major leg-up. As a lot FOMO has also crept in during the uptrend. Which might need correction, for a healthy run in the quarter. Hopefully, the star coin retraces, its path surpassing the expectations.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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