BitcoinPrice Analysis

Bitcoin Price Climbs Back ! Will BTC Flip Down For a Deep Correction?

news-image

It’s been a bullish day for the crypto market after a broadly optimistic day for Bitcoin and the broader market on Thursday.

Advertisement

Bitcoin Price Action

Bitcoin surged to an early morning current day high of $62,100.0, avoiding the first key support level at $57,988.

However, after failing to break through the first major resistance level at $62,826, Bitcoin dropped to sub-$60,500 levels before finding support. 

To attempt another run at the first big resistance level at $62,826, Bitcoin would have to avoid a fall through the $60,216 pivot. 

Any upside would likely be capped by the first big resistance at $62,826 and resistance at $63,000, unless there is a protracted crypto surge. 

If the price falls below the pivot at $60,216, the first significant support level at $57,988 will be tested.

However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below $57,000. 

A Deep Correction on the Cards?

A well-known cryptocurrency market researcher is putting out scenarios for a Bitcoin (BTC) drop before it soars to new all-time highs.

Cred, a market expert, believes that if the market is overleveraged, Bitcoin might fall below $52,000. 

He states that it also relies on the state of the leverage market at the time. You can expect a deeper wick if you have a large puke and then funding keeps going positive and leverage keeps buying the dip as the market moves lower.

Support between $56,000 and $58,000, he believes, will likely provide a good platform for continuing BTC bullishness. 

He further adds, However, your closest trade setup at structure is a move below the previous week’s low into the 56k to 58k support. Pay attention to your nearest bullish continuation setup at structure he says.

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

Related Articles

Back to top button