As a seasoned analyst with over two decades of market observation under my belt, I’ve seen more than a few crypto winters and summers. This current correction is reminiscent of the rollercoaster ride we experienced in 2017-2018, albeit at much higher stakes this time around.
The correction continues on the crypto market, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by 8% over the last 24 hours.
On the one-hour scale, Bitcoin’s price appears to have breached its nearby support at $92,502 incorrectly. If the daily close lies significantly away from this level, it might signal a possible rebound towards the $96,000 area.
Over a longer time period, traders ought to zero in on the closest potential support level at approximately $92,092. Should the closing price approach this area, a breakout could occur, leading to a possible correction towards the $90,000 range.
From the midterm point of view, the picture is similar.
As an analyst, I anticipate that if the weekly bar concludes near $92,000, a potential downtrend might push the price towards the $85,000 – $90,000 range by the month’s end.
Bitcoin is trading at $96,688 at press time.
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2024-12-20 18:48