The crypto world was shaken on Monday as Bitcoin experienced a 4.5% drop before making a comeback. But Tuesday has proven to be even harsher. The question on everyone’s mind now is: will Bitcoin rebound from its current level, or will the market present a golden chance to snag some Bitcoin at a bargain price?
More Downside To Come?
Another day, another dip in the crypto market. After a 2.3% decline on Monday, Tuesday is proving to be even more brutal with a 4.4% drop. But is this the end of the downward trend, or are we in for even more losses? Brace yourselves, crypto enthusiasts, as the market rollercoaster shows no signs of slowing down.
CME Gap Still To Be Filled
The daily chart reveals a recent dip, but fear not, it has only brought the price down to the revered main trend line that has been holding strong since February. Will this be the perfect opportunity for a rebound?
There’s a thrilling possibility that could unfold – a potential CME gap waiting to be filled at $64,100. Not only that, this level also happens to be a solid support level.
Bull Markets Are When Prices Go Up
Yes, you heard it right, prices are soaring high and the potential for profit is immense. But don’t let the fear of corrections shake you. Just like any wild adventure, there will be bumps along the way, but remember to stay strong and weather the storms.
As we reflect on the roaring success of this bull market, it’s worth noting that every dip has been no more than a 22% correction. And even now, as we see a slight downturn from the record high of $73,800, the drop is only at 17.5%. For the trend to truly shift, we’d need to see a plunge below $61,000 – a lower low that could potentially break the upward momentum.
Leverage Traders Are Wiped Out
Amidst the recent price pullbacks, there’s a glimmer of hope shining through. The funding rates and open interest have been wiped clean, providing a fresh start for the market.
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Those who were riding the wave of leverage and contributing to the market’s excessive excitement have been forced to exit, resulting in a whopping loss of $422 million. With the market now reset, the stage is set for a potential rebound.
The highly volatile $BTC market is sending shockwaves as it teeters on the edge of losing its trend line. Brace yourselves as experts predict a potential downward spiral towards the elusive CME gap.