Bitcoin Losing Crucial Support: Here is What One Can Expect from the BTC Price Rally
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Bitcoin witnessed a severe downfall, while the other major altcoins also faced a similar consequence, and the pullback is considered a healthy plunge as of now. Besides, the rally is progressing very quickly, which has been raising concerns about its impact on the rally as speculations of a ‘black swan’ emerge, but it appears to be a replication of the last cycle. Having said that, can we consider the current pullback as the last opportunity to accumulate BTC below $65,000 or will it offer another one below $60,000?
The BTC price witnessed a massive drop during the last trading day, forming lows at $60,660 but recovering close to $64,000. This suggests, that the traders expected the price to drop close to $60,000, which has circulated bearish clouds over the crypto. Although the market sentiments are bullish, the token appears to be following a previous run, which indicates, that the BTC price is yet to face a final pullback before the massive run.
Will the Bitcoin price find its lows below $60,000?
Considering the RSI movement, it is quite evident that the rally is repeating the previous price action. Previously, when the RSI broke below the consolidation, the BTC price plunged heavily from the then-highs above $46,000, forming lows at around $38,600. A similar trading pattern appears to be repeating as the third attempt to surpass the final resistance zone between $72,279 and $73,779 has been turned down which could have piled up selling pressure over the crypto.
If the price repeats the previous cycle, then the traders may get another chance to accumulate BTC at more discounted prices. The price had dropped below the crucial support then and hence higher chances of the token plunging below $60,000 and reaching the key support at around $58,808 have emerged. However, global tensions have also contributed to the downfall, due to which Bitcoin may remain consolidated for a couple of days.
However, no sooner than the RSI reaches the lower threshold and triggers a rebound, a fresh bullish run may begin, taking the price towards new highs, probably above $75,000.
The post Bitcoin Losing Crucial Support: Here is What One Can Expect from the BTC Price Rally appeared first on Crypto Adventure.
Filed under: Bitcoin - @ April 14, 2024 6:00 am