As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and price swings. The current pull-back in Bitcoin’s price is nothing new to me. After all, every strong rally needs a breather, and this small correction is just part of the game.
The price of Bitcoin is currently stable and holding steady around the middle of its range, approximately $64,000 to $63,000. If this support level gives way, there is additional strong support to be found at the $61,000 mark. Following any temporary dip, Bitcoin may continue its ongoing upward trend.
Bitcoin taking a breather
Bitcoin’s condition seems uneventful at the moment. The cryptocurrency’s price is undergoing a minor correction following its impressive surge of around 24% or almost $13,000 over the past two weeks, which lifted the low of $53,400 to the current level.
Following a significant price increase, it’s expected for Bitcoin investors to pause and let market indicators recalibrate before making further moves. The extent of the potential price correction for Bitcoin ($BTC) still hangs in the balance.
Tail winds in evidence
Winds continuing to favor forward progress in the Bitcoin market. The surge in purchasing for Spot Bitcoin ETFs persists, while whispers (unverified) swirl through social media and some major news outlets that former President Donald Trump plans to unveil a US Bitcoin strategic reserve at the upcoming Nashville 2024 Bitcoin Conference.
Where will $BTC bounce?
On the daily chart of Bitcoin’s ($BTC) price, the initial orange support level, around $63,700, remains intact for now. Yet, a more substantial price decrease might be imminent for a proper price adjustment.
Based on the analysis, the next significant support level lies around $61,000. This aligns with the 0.382 Fibonacci level for this price action. A pullback to this point and a subsequent rebound would be a highly optimistic sign for bulls.
Based on my extensive experience in analyzing financial markets and specifically Bitcoin’s price movements, I’ve come across various patterns and trends that can provide valuable insights into potential price actions. One such pattern is the Fibonacci sequence, which often appears in the form of support and resistance levels during market swings.
5 months of price structure
Looking at the bigger picture on a monthly timeframe as a crypto investor, I can observe that Bitcoin’s price has consistently stayed above the significant support level of $61,000 during the previous five months. This level represents the highest monthly candle tops in the 2021 bull market.
For the past five months, the price has consistently remained above this particular level, significantly shaping the market structure above the peak of the 2021 bull run. This development is crucial as we move forward.
The most recent monthly candlestick in July holds significant influence and could cause a substantial impact on Bitcoin’s price. A large wick pointing downward indicates an enormous volume of buying pressure, driving up the Bitcoin price. If this monthly candle closes at or above the bull flag top trend line, it may indicate an imminent massive price increase, potentially propelling Bitcoin towards reaching $100,000.
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2024-07-19 13:11