As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the cryptocurrency market, I have learned to expect the unexpected and embrace volatility. Today, seeing a correction across most coins, as reported by CoinStats, doesn’t faze me. I’ve seen this dance before, and I know it’s part of the game.
Most coins are facing a correction today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has declined by 1.6% since yesterday. Over the last week, the price has risen by 2.04%.
On an hourly basis, Bitcoin’s price is experiencing pressure from the sellers, with its value leaning more towards the support level rather than the resistance. This could potentially lead to a touch or test of the significant support level at approximately $67,823 in the near future for traders to observe.
Looking at a broader perspective, we haven’t seen any clear signs of a reversal just yet. If today’s candle ends close to its lowest point, it’s probable that the correction will extend towards approximately $67,000 by the end of the following week.
Considering the midpoint analysis, the weekly candle seems poised to end quite a distance away from its highest point, which isn’t favorable for continued bullish momentum.
In this case, there is a chance of a drop to the $66,000-$67,000 area soon.
Bitcoin is trading at $68,451 at press time.
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2024-11-03 15:44