Is Bitcoin’s Plunge a Comedy of Errors? Find Out What Happens Next! 😂

by

Ah, the tumultuous world of Bitcoin, that capricious creature of the digital realm! It seems that our dear BTC has found itself in a rather precarious position, trading below the hallowed $75,000 threshold for the first time since the fateful month of November. One might say it has taken a tumble, a veritable nosedive, as if it were a clumsy acrobat at a circus, desperately trying to regain its footing amidst the chaos of an ongoing tariff war. The market, in its infinite wisdom, has decided to play a cruel game of volatility, leaving our beloved cryptocurrency teetering on the edge of uncertainty. 😅

Bitcoin’s Descent to the Abyss

As the week drew to a close, Bitcoin found itself languishing below the $80,000 support zone, a disheartening sight indeed. On that fateful Sunday, it closed beneath the $78,500 mark, a grim reminder of its recent misfortunes. And lo! In the early hours of Monday, the largest cryptocurrency, by market capitalization, continued its descent, bleeding toward the $74,500 support zone before, in a moment of sheer audacity, bouncing back. What a dramatic turn of events! 🎭

In the midst of a 9.1% correction, Bitcoin has reached its lowest trading price in five months, reminiscent of the dark days of November 6. Our astute market observer, Daan Crypto Trades, has noted that BTC has been floundering below its Bull Market Support Band for weeks, like a ship lost at sea, attempting to navigate back to safety but facing relentless storms of rejection. 🛳️

According to our trader, “This is a good metric to gauge high timeframe market momentum.” How poetic! Yet, it seems that this cycle has seen price dip below this critical level on several occasions (2023 & 2024), but never straying too far—no more than a mere 20%. One can only hope that the bulls will muster the strength to reclaim this territory. 🐂

Rekt Capital, the sage of our times, has observed that BTC’s current correction is “very close to equaling the retracement depth of the Post-Halving pullback of almost -33%.” A veritable rollercoaster of emotions! Since January’s all-time high of $108,786, Bitcoin has shed a staggering 31%. Yet, our wise analyst suggests that it may yet bleed into the $70,000 support before reaching the depths of despair. How delightful! 🎢

“Whenever Bitcoin’s Daily RSI crashes into the sub-28 RSI levels,” he muses, “that wouldn’t necessarily mark out the price bottom.” Ah, the irony! Historically, the actual price bottom tends to be a further -0.32% to -8.44% lower than the price when the RSI first bottomed. It appears Bitcoin is forming its second low, 2-79% below the first. What a tangled web we weave! 🕸️

If it follows this pattern and drops 8.44% below the first low, investors might find themselves gazing at a price bottom around $69,000-$70,000. A number that has become almost mythical in its allure! 🧙‍♂️

Another 10% Correction on the Horizon?

Moreover, Rekt Capital has outlined the key levels to reclaim after BTC’s weekly close below the $80,650 support. He notes that Bitcoin has already “upside wicked into this level to tag it as potential new resistance” this week. How thrilling! 🎉

Thus, it must recover last week’s close level if BTC wishes to challenge the daunting 2025’s Weekly Downtrend. It also needs to hold Sunday’s daily close level of $78,500. The stakes are high, dear reader! 🎲

Bitcoin failed to Daily Close above the Downtrend. In fact, it continued to form new Lower Highs in its already extended series of Lower Highs. On the latest rejection, BTC landed into the ~$78,500 lows. If it can hold this level as support, there may yet be a chance to challenge the $82,500 level in the short term. What a cliffhanger! 📉

The analyst elaborates that Bitcoin generally needs to close above the $78,500 level to “build a base here for a potential short-term rebound.” Conversely, a daily close below this level would position BTC for a bearish retest after closing below it for two consecutive days. The drama unfolds! 🎭

He concludes with a flourish, “Turning this level into a confirmed resistance would send price into additional downside continuation,” targeting the pre-halving highs price range between $69,000 and $72,000. A fate most dire! 😱

As of this writing, BTC trades at $79,200, a modest 1% increase in the daily timeframe. A glimmer of hope, perhaps? Or merely a fleeting mirage in the desert of despair? Only time will tell! ⏳

Read More

2025-04-08 11:12