Why is Bitcoin Price Crashing Today?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless bull and bear runs, and Bitcoin is no exception. Today’s 2.50% downtrend in BTC price, while disappointing for some, does not surprise me. The start of the week correction is often a trend, and it seems we are witnessing that today.

Today’s Bitcoin price has dropped by about 2.5%, now standing at approximately $67,402. This decrease follows a nearly 1% surge over the weekend that momentarily pushed Bitcoin past the $69,000 mark.

Why is Bitcoin Price Down Today?

Today, the Bitcoin price dropped approximately 2.5%, a decrease likely due to the initial adjustments in the market at the start of the week, often referred to as the “weekly correction.” Historically, Mondays have tended to be less favorable for Bitcoin, with prices typically dipping and then seeking support around Tuesday or Wednesday before resuming its usual trend.

Will the trend remain bullish after this correction? Or has Bitcoin uptrend reached its end?

Is Bitcoin Uptrend Finished?

Indeed, it seems that the upward trend for Bitcoin might be nearing its conclusion, potentially taking a temporary downturn. Investors should brace themselves for a significant, double-digit drop in value.

Here are two reasons why a short-term retracement is likely.

Over the last seven months, we can see that Bitcoin’s price peaked at approximately $70,000, forming local high points. This is one of the reasons.

As a crypto investor, I can’t help but reflect on the weekend rally that sent Bitcoin soaring by 1.55%. While it initially seemed like a promising sign, it now appears to have set a trap for the overly optimistic bulls. The surge surpassed the October 18 swing high of $69,049, but unfortunately, the bullish momentum couldn’t sustain the upward trend. Instead, it led to a bearish swing failure pattern, a technical formation not seen since October 10. This intriguing development in the charts suggests that we might be on the verge of a potential reversal, according to Bitcoin price predictions. It’s a reminder for us investors to always stay vigilant and adaptable in this dynamic market.

What’s Next for BTC Price?

Even though the overall forecast is optimistic for the future, a potential correction might cause Bitcoin to fall back towards these vital support points.

  1. $65,500 to $65,800 – a zone containing buy-side imbalances.
  2. $64,762 to $63,269 – the daily buy-side imbalance.
  3. $64,165 – this is the highest volume traded level for the past seven months.

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2024-10-21 17:30