The post Will Bitcoin Price Face an 8% Correction If It Can’t Reclaim $52k? appeared on BitcoinEthereumNews.com.

Bitcoin is currently at a crucial juncture as it is trading around the $51,000 level, and many market analysts are very keen to see whether Bitcoin can hold on or even take back the $52,000 handle. Given the mixed market sentiment, a large part of the investor community is preparing for a possible downturn, while others believe it will continue to be bullish.  This happens at a moment when the crypto market is anxiously waiting for the Bitcoin halving event, which is known to be a bullish catalyst. At press time, BTC was exchanging hands at $51,224.71, a 1.41% dip from the intra-day high. A Critical Support Level Visible for Bitcoin Price? The current analysis points to a critical situation for Bitcoin, arguing that a failure to retake the $52,000 level promptly may provoke an 8% correction, which can see its price decline to $48,000 or even $46,500.  If #Bitcoin fails to quickly reclaim the $52,000 level, it might face an 8% correction, potentially dropping to between $48,000 and $46,500. At this price range, over 1 million addresses hold more than 544,870 $BTC, indicating significant support. pic.twitter.com/dY7zIqLKN2 — Ali (@ali_charts) February 17, 2024 This particular price range, according to crypto analyst Ali Martinez, is of interest since it is a strong support zone, with more than 1 million addresses owning over 544,870 BTC. Cognition of Bitcoins stacking closely together is an important support from further price falling, giving stabilization to the value of the digital currency. BTC Market Sentiment The response of the market to the current status of Bitcoin is of mixed anticipation and caution. Technical indicators like RSI and candlestick patterns show an indication of a bearish divergence, thus signaling an approaching price correction.  In this regard, analysts indicate that a doji candlestick formation, which is a sign…

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Filed under: News - @ February 18, 2024 7:16 am