Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. Bitcoin Is Falling, Losses $60,000 Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains. Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point. Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5. Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800. The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5. What’s Next? Will BTC Breach $100,000 In Wave 5? Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends. Feature image from DALLE, chart from TradingView
Amid signs of stubborn inflation in the U.S., the central bank kept its key interest rate at its highest level in over 23 years.
Bitvavo has taken a big step regarding asset staking. In the recent move, it has announced that it will begin collaboration with Figment for asset staking. It is one of the leading cryptocurrency exchanges that has more than 1.5 million users. The new addition to its services will add further to the facilities for users.
Polkadot’s price has been dropping rapidly over the last couple of months and is yet to show any sign of slowing down. However, the cryptocurrency might soon begin a bullish rebound. Technical Analysis By TradingRage The Daily Chart On the daily chart, the price has been on an aggressive decline since a rejection from the
The Federal Reserve Banks are slowing down the quantitative tightening (QT) by lowering the rate of bond selling.
Investors often leave during the “local bottom.” and one analyst suggests BTC is reaching that point.
The crypto market is down today as investors await news on the Federal Reserve’s interest rate policy, and the stall in spot BTC ETF inflows takes a toll on Bitcoin's price.
The decision was largely expected, though it could dampen hopes among crypto and stock investors for an upcoming rate cut.
While crypto investors shoulder substantial losses over the past day amid the market retracement, renowned Bitcoin bull Michael Saylor took to X to reassure enthusiasts that Bitcoin remains the essential asset they cannot afford to overlook. In his words, “Bitcoin is for the money you can’t afford to lose.” Saylor’s commentary comes amid Bitcoin’s price The post “Bitcoin is Money You Can’t Afford to Lose,” Saylor Reassures Amid $56K Retest appeared first on Coin Edition .
Hopes for a series of interest rate cuts in 2024 have been quickly vanishing over the past few weeks as both the economy and inflation exhibit unexpected strength.