Bitcoin’s journey is never dull, isn’t it? With prices experiencing sharp corrections that could rival a gymnastic routine, the flagship cryptocurrency has just taken a nosedive below a crucial support range. You might be wondering—are we witnessing an epic crash or merely a prelude to another thrilling bull run? Recent activity suggests that while some traders are hitting the panic button, whale investors are doing the exact opposite, pulling over 11,000 BTC from exchanges to protect against relentless inflation. So, are we gearing up for a temporary setback or a significant bounce back? Let’s dive into the latest insights and predictions to find out! LEARN MORE.
Key Notes
- Bitcoin price faces a prolonged correction face before entering the thrilling phase of the macro hull run in the near term.
- Whale investors have withdrawn over 11K BTCs from CEXes in the past 24 hours to hedge against the ever-high inflation.
Bitcoin
BTC
$95 955
24h volatility:
5.4%
Market cap:
$1.90 T
Vol. 24h:
$59.86 B
price has quickly turned bearish in the past two days after a potential fake-out earlier this week above $100K. The flagship coin dropped over 5% in the past 24 hours to trade about $95.9K on Wednesday, January 8, during the mid-London session. As a result of the heightened crypto volatility in the past 24 hours, more than $711 million was liquidated, with the lion’s share involving long traders.
After slipping below the crucial support range between $97K and $99K, Bitcoin price faces further midterm correction. From a technical analysis standpoint, Bitcoin price has been forming a potential reversal pattern characterized by a head and shoulders (H&S) pattern, coupled with a bearish divergence of the Relative Strength Index (RSI).
As a result, Bitcoin price is likely to drop to the recently established support level of around $92K. Already, Bitcoin price has closed two days below the 50-day Moving Average (MA), suggesting the bears are gaining control.