Bitcoin Bulls Struggle to Stop Crypto Crash
After a heavy crash on Thursday, bitcoin bulls are still struggling to prevent further decline. The crypto market had been experiencing a palpable nervousness, with all eyes on bitcoin as it continued its downward trend. However, bears took control and caused a sudden drop of 9.6% in just one hour.
Main Breakdowns:
- A significant drop in bitcoin price
- Bitcoin reaching a support level at $25,000
- The importance of the broken trendline and 200-day moving average
- A potential healthy correction and opportunity for investors
- The bull market remains intact
Bitcoin is currently at a support level of $26,500, with the next strong support at $24,250. The broken trendline and moving average are crucial for bitcoin’s bull momentum. However, there is still a chance for bulls to regain the 200-day moving average at $27,250 before the weekly candle closes.
Despite the correction, this is seen as a healthy adjustment considering bitcoin’s overall upward trajectory. Investors who missed the previous surge can take advantage of this correction to build their positions. There is no need for panic as bitcoin remains a viable investment option compared to other assets tied to the monetary system.
Hot Take:
While the crypto market experienced a crash, the bull market for bitcoin is still intact. Investors should view this correction as an opportunity to enter the market and potentially reap rewards in the upcoming phase 2, which may begin when bitcoin surpasses the $31,000 level next year.
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