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Bitcoin has suffered from a strong slowdown in the past few days. After trading over $ 96,000 on Monday, its price fell to less than 80,000 dollars today for the first time since November 11. This rapid decrease represents a decrease of approximately 18 % since the beginning of the week. From its highest level ever 109,588 dollars on January 20, Bitcoin now threw about 27 % of its value.
She received several factors to exercise the declining pressure on the encrypted currency. These newly imposed definitions, extensively excessive inflicts of the Spot investment funds, and exceptionally high levels of references in futures markets. Although the feelings have achieved great success with the index of fear and greed in 16 (“extreme fear”), some analysts notice that these conditions can also determine the way for the next important movement – they are more negative or a potential recovery.
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How low Bitcoin?
Famous encryption analyst Scott Milker, also known as “Wolf All streets”, “Wolf of all streets”, ” High The difference in the rise in the multiple time frames. In a post on X, Melker wrote: “BTC 4 hours: the upscale difference that still builds after the hidden declining difference that I was watching. This may fail, clearly, but RSI hold well. If you follow me for years, this is my favorite sign when confirming it. Overood RSI with Builish Divs based on multiple time frames.”
Technical analyst Tony “Taur” Sevirino, CMT (Tonythebullbtc) Secure The market may follow a familiar corrective pattern similar to what happened in 2021 and 2022. It suggests that this style “can get a fifth extended from the fifth situation that takes us well in late 2025.” “This means that this can be much less than that many expect, to about 75,000 dollars if the same degree of supreme fractures is followed to an alternative 0.5 FIB.”
Sevirino also warns that traders “do not want to see Bitcoin the monthly SAR brand, which is currently located at $ 75,742”, because violation of this level can indicate a deeper correction. SAR is expected to rise a little bit by monthly closure, which is likely to push the critical support zone to a low range of $ 80,000.
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Ichimoku Cloud is tracked for major visions. he points To re -test the weekly Kijun from Bitcoin, it indicates “Kijun’s weekly support in 74K if we continue to continue.” Olszewicz notes that Bitcoin has benefited from the weekly Kijun during the lane carrying trade in August 2024 – an event that witnessed an increasing volatility across global markets.
Dan Chipiro Trading Analyst (Daancrypto) draw Similar to the previous market courses when the daily RSI fell in Bitcoin to the level of 20: “The last time it was BTC,” this “Over” [at 20] In the daily RSI, it returned in August 2023 when it was traded at $ 25,000. The time before this was after the FTX collapsed at the bottom of the bear market in late 2022. In the short term this means little but it should start at the height of your interest. “
He also discovered large purchase orders on Binance Futures: “BTC ~ 1.8 billion dollars of offers on the Binance Futures husband. These bids sit between 70 thousand dollars and 79 thousand dollars. What happens when offers such Easily.
Ki Young JU, CEO of Cryptoquant, highlights the role of liquidity in determining the Bitcoin path. He pointed out that the size of the spot was “very active about 100 thousand dollars”, but he explained that “prices decrease when new liquidity dries.” For JU, the main question is: Where will the new liquidity come from if the market is already in a distribution stage?
It is expected a possible unification between “75 thousand dollars-100 thousand dollars”, and it looks like Bitcoin in early 2024. This range can continue until a new catalyst appears. “We are likely to see an extended unification in the wide range (for example, 75 thousand dollars -100 thousand), similar to early 2024, IMO. This may continue to bring some good news to the new liquidity bitcoin,” Joe predicts.
At the time of the press, BTC was traded at $ 78,856.
Distinctive image created with Dall.e, Chart from TradingView.com
