Bitcoin

Bitcoin Price likely to Correct more, but BTC Golden Cross Still on Cards!

Written by: Haripriya Sureban

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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Aug 13, 2021

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On Thursday, Bitcoin (BTC) saw no further rises as it dropped below $ 45,000. The token fell as low as $43955 that is a 4% plunge within 24 hours.

The token had previously reached a high of around $ 47,000, but there was a lot of resistance at that level that the volume couldn’t overcome.

Popular Analyst Micheal Van De Poppe in his latest YouTube Video hinted at a probable deeper correction for Bitcoin.

He previously said, most people are expecting Bitcoin to hit $48K before a retracement. 

Further, BTC may wither break above and rally towards $55000 or it will fail to create a high and fall to the low range of $40000. Subsequently a dip to the next higher low range at $30000 is also plausible.

In a recent tweet he also says, this slight reversal weakness on the recent breakout is signalling possible exhaustion on the run. 

Bitcoin Golden Cross still on the Cards!

Nevertheless, even Thursday’s slight decrease will not preclude a possible positive event on Friday’s daily chart, notably the golden cross.

The generally favourable golden cross should continue to occur on Friday, as noted by analyst and trader Rekt Capital. The 50-day moving average has crossed the 200-day moving average for the first time.

He remarked on Twitter, “This BTC decrease is not enough to stop the approaching golden cross.” To sustain the “bullish bias,” the BTC / USD pair should hold the $ 45,200 level as support he added.

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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