Bitcoin Trades at Bullish Levels as Data Hints at Upcoming Range Extension!
Bitcoin Halves and Bitcoin Spot ETFs were at the height of their popularity with Bitcoin centered on them. We have seen the price of BTC rise since the beginning of this year even though the price of Bitcoin was relatively low last year. However, it hit its all-time high last March and is currently on a relatively steady decline and is now trading 20% below its all-time high of $73,835. Since the Bitcoin halving was completed last April and Bitcoin ETFs were approved earlier this year, Bitcoin prices have continued to rise since the beginning of the year. However, although the price is currently low, it is expected that the price of Bitcoin will achieve one of the milestones in the future.
After touching its all-time high, Bitcoin has started to fall again and is currently down 20 percent from its all-time high. The cryptocurrency breached its all-time high. Bitcoin has since corrected. Bitcoin Price Correction This is a common phenomenon we see during every Bitcoin Halving. For example, if we review the past two weeks in the market, we can see that the price of Bitcoin has dropped below $60,000 three times in the last ten days. And thus this price drop has resulted in "fear and disaster".
But one thing that is important today is that even though the price of Bitcoin has fallen and the price of other altcoins has fallen to a great extent along with Bitcoin there is a significant amount of investors who are still in profit. There is an investor who is holding the coins in anticipation of the upcoming bullfight. Currently this is a level that often depicts the phases of 'enthusiastic' and 'euphoric' bull markets. However, the market is currently in a position where both fear and greed exist. The market is not positioned strongly anywhere.
But if we take a closer look at the market we can notice some things like Bitcoin failing to stay above $60,000. And if that materializes, it will quickly drop to support levels. And because of that, the price of Bitcoin could potentially fall as low as $50,000. But if Bitcoin price breaks below 60,000 then it will be fatal for altcoins as the prices could fall to the support level very quickly. However, the volatility of the market is expected to narrow in the coming days and hence investors are expecting less volatility.
A volatility contraction refers to a period of time that typically marks a reduction in historical volatility or volatility in Bitcoin price performance. During this period it is often followed by a significant market movement. Which basically means that the market is going up or down. However, the current state of the market suggests that volatility in the Bitcoin market remains rare. As a result, Bitcoin prices tend to fall at such levels. As a result, the market is going to contract in the coming days If this contraction occurs after such a long consolidation, it usually means that large market rice is ready for it.
However the current trading range is in the next stage of development towards the next range expansion. However, in the end, such volatility prevails in the market during or after each bitcoin halving. Expect the Bitcoin price correction to return to the bullish front soon. the
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The price for Bitcoin is down but I think this is a temporary situation because things are not that much negative around and bullish momentum can start any moment.
Even though I know we are set for a milestone in Bitcoin price the levels is at now is a little bit concerning but ofcourse it's all good we hope for the best. Nice article from you.