Bitcoin Price TANKS back to 60K

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After several green days, the cryptocurrency market suffers its first red day. Most cryptos lost in value after a price hike that lasted around 1 week. Today, Bitcoin prices suffered a loss of around 6%, bringing the entire market by that same percentage downwards. Investors who entered the market are seeing red portfolios. Will a Bitcoin down market extend and turn investors into day traders? Let’s assess what happened with Bitcoin prices and look at the technicals.

Bitcoin Prices were Bound for an Adjustment

Looking at how Bitcoin prices increased in the last 4 months, we can’t but acknowledge any price adjustment that happens. In fact, everything that goes up must go down eventually. This is especially true in cryptocurrency trading and investing. There are lots of trading bots today that engage in crypto trading. Most of them take advantage of high prices and short positions towards strong support areas.

In Bitcoin’s case, it is no secret that the 60K price level is a strong support. It also represents a psychological price area, signaling a new level for traders and investors.

Fig.1 BTC/USD 2-hours chart showing the short-term BTC bear – TradingView

Is Bitcoin Down? Not Really…

Or at least, not yet! Zooming out and looking at the daily chart, newbies will definitely stop panicking. Bitcoin prices have been going on an uptrend ever since mid-July 2021. This happened with barely any major price adjustment. On the other hand, small profit-taking happened in between, allowing Bitcoin prices to “breath” and deflate. This is important to happen, as they may lead to market bubbles, just like what happened back in 2017-2018.

Bitcoin can still retrace and still be considered on an uptrend. If prices were to fall below the 60K mark, the next area would be between 50K and 53K.

BTC/USD 1-day chart showing the uptrend of BTC
Fig.2 BTC/USD 1-day chart showing the uptrend of BTC – TradingView

The Crypto Market at a Glance

In the past 24 hours, all cryptocurrencies are down by an average of 6%. The only gainers are SAND, WAXP, and MANA that gained 12%, 7%, and 2% respectively.

1- Bitcoin (BTC) : – 6.69 %

2- Ether (ETH) : – 7.61 %

3- Binance Coin (BNB): – 8.84 %

4- Tether (USDT) : 0 %

5- Solana (SOL) : – 6.37 % 

6- Cardano (ADA) : – 6.81 % 

7- Ripple (XRP) : – 7.85 %

8- Polkadot (DOT): – 9.61 %

9- USD Coin (USDC) : + 0 %

10- Dogecoin (DOGE) : – 8.18 %

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Rudy Fares

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