Bitcoin’s price chart suggests that there may be more downside after a tumble on Monday. Bitcoin dropped 2.6% within 24 hours.
“Quite ugly daily candle,” MN Trading Capital founder Michael van de Poppe said In an X-post on Monday after Bitcoin (BTCIn a 24-hour period, the price of slid 2.6% to $119,000 from $122,200.
Investors were expecting a new record high following the early-Monday Bitcoin surge.
Bitcoin could be headed lower before going higher
Bitcoin’s price has dropped slightly since van de Poppe posted his post. It was trading at $118.881 as of the publication date. according Nansen.
“Wouldn’t be surprised if we’ll test $116.8K before continuing,” van de Poppe added.
CoinGlass data showed If the price of Bitcoin were to drop another 1.75%, about $1.63billion of Bitcoin positions would be at risk.
“It has taken all the liquidity on the highs and immediately inversed toward the range high resistance,” van de Poppe said.
Bitcoin’s rise to $122,150 was a result of optimism in the early morning hours on Monday. It is now closer to its all-time record high (123,100) reached back on July 15, when it soared by over 3.3%. Some traders speculated it might soon reach new record highs.
Rekt Capital, a cryptocurrency trader said When? “If Bitcoin is able to convincingly break ~$126,000, then chances are the price will go a lot higher and quickly.”
Rekt predicted that Bitcoin would only be around for a couple of months. price expansion left in the cycleIf it follows the historic pattern, starting in 2020.
Bitcoin price continues to fall, but sentiment remains high
Bitcoin sentiment was high in spite of the small drop in prices.
The Crypto Fear & Greed Index The score dropped two points, to 68. “Greed,” Even though crypto assets such as the XRP (XRPSolana) (SOL( ) fell by 3.94% et 5.90%, respectively.
On Monday, Spot Bitcoin ETFs posted their fourth day in a row of positive flows, with $178.1 millions. according Farside Data.
Related: BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week
Ether’s (ETHBitcoin traders are beginning to cash out profits, and then reinvest the funds into Bitcoin. Jan3 founder and Bitcoin maxi Samson Mow
Mow forecast that Ethereum investors would return to Bitcoin as soon as ETH prices reached a high level. This could reverse a 5-week increase in Ether.
But not all agreed. Tom Lee, co-founder at Fundstrat, said Thursday that Ether had its own day. “Bitcoin 2017 moment” The price may rise to as much as $16,000. That’s a 272 percent increase from the current $4300.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0′
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Source: cointelegraph.com
