Bitcoin Market Evaluation

Bitcoin (BTC) price is trading at a lower level compared to yesterday and is currently finding buyers at $67,400. Positive employment data from the US was important for investors. However, the question of whether the decline in Bitcoin has come to an end is still unanswered at the time of writing. Current Status of Bitcoin Bitcoin is facing months of selling pressure at the $69,000 level and is currently unable to recover. Analyst Daan Crypto Trades points out that Bitcoin has been trading near the highest level of the 2021 cycle for almost four weeks. Historically, Bitcoin price movements can show periods of stagnation for 1-2 months near cycle peaks. The fact that declines are positive for the uptrend and that Bitcoin is consolidating at lower levels by avoiding deep declines is emphasized. This is interpreted as a process of gathering strength for new highs. Some developments in the market […]

Bitcoin Market Evaluation

Bitcoin (BTC) price is trading at a lower level compared to yesterday and is currently finding buyers at $67,400. Positive employment data from the US was important for investors. However, the question of whether the decline in Bitcoin has come to an end is still unanswered at the time of writing.

Current Status of Bitcoin

Bitcoin is facing months of selling pressure at the $69,000 level and is currently unable to recover. Analyst Daan Crypto Trades points out that Bitcoin has been trading near the highest level of the 2021 cycle for almost four weeks. Historically, Bitcoin price movements can show periods of stagnation for 1-2 months near cycle peaks.

The fact that declines are positive for the uptrend and that Bitcoin is consolidating at lower levels by avoiding deep declines is emphasized. This is interpreted as a process of gathering strength for new highs. Some developments in the market can trigger current price movements.

Bitcoin Price Commentary and Expectations

There is currently a balance between buyers and sellers, and a clear winner is not evident in the market right now. The fact that there will be no new breakthrough and the symmetrical triangle seen in technical analysis indicate that a trend is imminent.

Useful Information for the Reader

A sudden movement is expected in the Bitcoin price.
The levels of $60,000 and $73,777 should be monitored as breakout points.
If the symmetrical triangle breaks downward, there is a potential for a drop to $54,298.
If the triangle breaks upward, the price could target $80,000.

According to analysts’ analysis, the 20-day EMA and RSI data do not currently show clear superiority for months. This indicates that volatility may occur in BTC and other cryptocurrencies depending on which way the triangle breaks.

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how to buy crypto?
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