BTC News: Investors Fear as Analysts Warn of Possible Bitcoin Drop to $62K
- Bitcoin has factored in a modest price drop of 2.39% in the last 24 hours.
- The cryptocurrency tested a support level of $76,707 in the past day as per CMC data.
While community members raise havoc by watching their largest profits disappear, analysts remain positive. Over the past few weeks, several experts had predicted that Bitcoin and the alt sector would retract the bull run before bouncing back up. As this materializes into reality, speculations of a bigger cycle arise.
Notably, in the last 24 hours, Bitcoin has factored in a modest price drop of 2.39%. This drop, however, caused it to break the $80,000 support in the late evening hours of March 10. Presently, the cryptocurrency is dabbling across the $79K -$80K border. However, as aforementioned analysts predict further dips.
Inferring its daily price chart, Bitcoin depicts combating the $82K resistance in the morning hours of March 10, after which it gave in to bears. Its intra-day low stands at $76,707, meanwhile, experts such as Arthur Hayes field mark $69,000 as the next key support. At the time of writing, BTC was trading at $80,277 as per CMC data.
Moreover, Ali also outlined how the third year of a bull run tends to be unpredictable from historic data. He stated that the year tends to hold uncertainty, volatility, and big shakeouts, on the other hand, traders who navigate it tend to land profits.
Is the Bitcoin Drop Part of a Bigger Bull Cycle?
Multiple market experts including the aforementioned have viewed the recent dip as essential for an incoming rebound in Bitcoin price. In case of further downward movements, the digital asset might test support levels of $76,496 and $74,785 in the coming days.
With the current movements mirroring experts’ predictions, this recent move might be part of a bigger bull cycle. Additionally, Bitcoin’s bear power indicator value stands at -5.07 while the bull power indicator stands at 0.69. This further confirms the bearish market dominance.
The resultant sell-offs have caused the RSI value to dip to 35.55 as per TradingView data. Finally, the largest cryptocurrency’s price drop can be seen reflected in other altcoins such as Ethereum and Solana.
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BTC News: Investors Fear as Analysts Warn of Possible Bitcoin Drop to $62K
- Bitcoin has factored in a modest price drop of 2.39% in the last 24 hours.
- The cryptocurrency tested a support level of $76,707 in the past day as per CMC data.
While community members raise havoc by watching their largest profits disappear, analysts remain positive. Over the past few weeks, several experts had predicted that Bitcoin and the alt sector would retract the bull run before bouncing back up. As this materializes into reality, speculations of a bigger cycle arise.
Notably, in the last 24 hours, Bitcoin has factored in a modest price drop of 2.39%. This drop, however, caused it to break the $80,000 support in the late evening hours of March 10. Presently, the cryptocurrency is dabbling across the $79K -$80K border. However, as aforementioned analysts predict further dips.
Inferring its daily price chart, Bitcoin depicts combating the $82K resistance in the morning hours of March 10, after which it gave in to bears. Its intra-day low stands at $76,707, meanwhile, experts such as Arthur Hayes field mark $69,000 as the next key support. At the time of writing, BTC was trading at $80,277 as per CMC data.
Moreover, Ali also outlined how the third year of a bull run tends to be unpredictable from historic data. He stated that the year tends to hold uncertainty, volatility, and big shakeouts, on the other hand, traders who navigate it tend to land profits.
Is the Bitcoin Drop Part of a Bigger Bull Cycle?
Multiple market experts including the aforementioned have viewed the recent dip as essential for an incoming rebound in Bitcoin price. In case of further downward movements, the digital asset might test support levels of $76,496 and $74,785 in the coming days.
With the current movements mirroring experts’ predictions, this recent move might be part of a bigger bull cycle. Additionally, Bitcoin’s bear power indicator value stands at -5.07 while the bull power indicator stands at 0.69. This further confirms the bearish market dominance.
The resultant sell-offs have caused the RSI value to dip to 35.55 as per TradingView data. Finally, the largest cryptocurrency’s price drop can be seen reflected in other altcoins such as Ethereum and Solana.
Highlighted Crypto News Today:
Read More