Bitcoin’s price has recently experienced a setback after failing to reach a new all-time high. Currently, the market is undergoing a correction, but there is still optimism that the bullish trend is not over yet.
According to technical analysis by TradingRage, on the daily chart, Bitcoin has struggled to maintain its position above the $66K level. The cryptocurrency had previously broken out of a descending channel but has faced challenges in sustaining its upward momentum, leading to a potential fake breakout. The Relative Strength Index (RSI) has dropped below 50%, signaling a bearish momentum and a possible decline towards the $60K support zone.
However, a more positive outlook can be seen on the 4-hour chart. Bitcoin’s price has been consolidating within a horizontal channel, with recent fluctuations causing it to briefly break below the channel before bouncing back inside. If the price manages to climb back within the channel, there is a chance for it to retest the upper boundary near the $72K level. On the other hand, a breakdown below the channel could result in a drop towards $60K.
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It is important to note that the opinions and information provided by CryptoPotato and TradingRage are for reference purposes only and do not constitute financial advice. Individuals are encouraged to conduct their own research and assessment before making any investment decisions. As with any investment, there are risks involved, and it is advisable to use caution and diligence when navigating the cryptocurrency market.
In conclusion, while Bitcoin may be experiencing a correction in its price, there is still potential for a bullish continuation. Traders and investors should stay informed and monitor the market closely to make well-informed decisions regarding their cryptocurrency holdings.