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  • Bitcoin price analysis: BTC bull run halted at $57K 😱😎
Bitcoin price analysis: BTC bull run halted at $57K 😱😎

Bitcoin price analysis: BTC bull run halted at $57K 😱😎

Bitcoin Price Drops Below $60K: What’s Next for Investors?

Bitcoin’s price has been consolidating above $60K over the last few months. Yet, the price has broken below the level today, and investors are in a state of panic, wondering if the bull market is over.

Technical Analysis

By TradingRage

The Daily Chart

  • The price has created a large descending channel pattern since March.
  • It has broken it to the downside, and the cryptocurrency is aggressively dropping toward the $52K support level.
  • The 200-day moving average is also trending around the $50K mark.
  • It could be Bitcoin’s last resort in case of a deeper decline.
  • If the market drops below these levels, the downward pressure would intensify.

The 4-Hour Chart

  • The price was rejected from the channel’s midline a few days ago.
  • It has created lower highs and lows since, and has broken to the downside.
  • The Relative Strength Index has entered the oversold region.
  • A short-term rebound and pullback toward $60K can be expected before a potential continuation lower toward $52K.

On-Chain Analysis

By TradingRage

Bitcoin Exchange Whale Ratio

  • Bitcoin’s price has been dropping since its rejection from the $75K level.
  • Market participants are wondering when and whether the market will rebound.
  • The Exchange Whale Ratio (with a 30-day exponential moving average applied) shows the ratio of exchange deposits by whales compared to all deposits.
  • The metric has recently increased significantly.
  • Whales have been rapidly depositing their coins in exchanges to potentially sell them, contributing to the recent correction.
  • Expect the correction to stop if the whale ratio declines once more.

Hot Take: Stay Calm and Watch Closely 🚨

The recent drop in Bitcoin’s price may be causing panic among investors, but it’s essential to stay calm and analyze the situation carefully. Keep a close eye on the market indicators and be prepared for potential price movements in either direction. Remember that volatility is a common feature in the crypto market, and corrections are a natural part of the price discovery process. Stay informed, make rational decisions, and adapt your strategy as needed to navigate through uncertain times in the crypto space. 📈📉

Read Disclaimer
This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

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Bitcoin price analysis: BTC bull run halted at $57K 😱😎