Monday’s market for bitcoin was a rollercoaster ride, with a staggering 4.5% dip before prices eventually recovered. But as Tuesday dawned, things took a turn for the worse. The burning question on everyone’s mind now is: will bitcoin make a comeback from its current level, or will the market present a golden opportunity for buyers to snag some bitcoin at a bargain?
More Downside To Come?
The crypto market is ablaze with red for the second consecutive day. Monday’s pullback of 2.3% was just the beginning, as Tuesday’s prices have plummeted even further by 4.4%. The burning question on everyone’s mind is: will this be the end of the downward trend, or are we in for even more losses?
CME Gap Still To Be Filled
Behold the daily chart, where the current plunge of $BTC has brought us to a critical juncture. The trend line, honored since the dawn of February, stands firm as a potential launchpad for a rebound. Yet, the plot thickens as a tantalizing possibility lingers in the shadows.
Could it be that a CME gap, beckoning at $64,100, holds the key to this unfolding drama? Not only is this level a sturdy support, but it also aligns perfectly with the gap. Will the price dare to defy the trend line and make a daring descent to fulfill the prophecy? Only time will reveal the truth.
Bull Markets Are When Prices Go Up
Attention all traders and investors! Don’t let fear freeze your feet when it comes to bitcoin. This digital darling is in the midst of a roaring bull market, where prices are on the rise. Sure, there may be some bumps and dips along the way, but the key is to stay strong and brave the storm.
Let’s take a moment to reflect on this current bull market. It’s worth noting that any dips so far have been no more than 22%, and the current one (from its record-breaking high of $73,800) is sitting at a manageable 17.5%. So don’t let the numbers scare you off, stay the course and ride this bull to potential success.
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Leverage Traders Are Wiped Out
The recent price pullbacks have not only reset funding rates and open interest, but also cleared out excessive leverage traders, resulting in a loss of $422 million. With the market now reset, a potential bounce-back is on the horizon.
But hold on tight, as the latest update on $BTC’s price suggests that it may break its trend line and close the CME gap. Will this be a temporary dip or a major correction? Stay tuned for more updates.