The Bitcoin Prize seemed to break out of its consolidation area early in the week and rises to as high as $ 88,500 on Monday 24 March. However, the flagship Cryptocurrency seems to be back to ground zero, Returns to approximately $ 84,000 on Friday March 28.
This latest price correction came after the release of inflation data in the United States. With the latest inflation data suggesting delayed interest rate reductions by the US Federal Reserve, experienced risk resources – including Cryptocurrencies – experienced significant downward pressure to close the week.
This is how BTC Price can fall to $ 62,000
The story gets a little gloom for the world’s largest Cryptocurrency after popular crypto analyst Crypto Capo Post A baisse -like projection for the Bitcoin Prize in their latest post on the X platform. According to crypto dealers, the price of BTC may be on its way to a new low in this bike.
In its analysis of BTC 12-hour charts, Capo emphasized that $ 84,000-85,000 dollars is crucial for Premier Cryptocurrency’s future course. The online pound noted that the Bitcoin price action could go on two roads in the coming weeks.
In the first scenario, Crypto Capo expects the price of bitcoin to enjoy a short-lived hausseartat burst to in the range $ 95,000 $ 100,000. This initial price increase would be a Bull trap for investorsAccording to the analyst. For context, a bull trap is a pattern that attracts long traders (bulls) on the market through an initial upward force followed by a rapid reversal.
Suitably, Crypto Capo predicts that Bitcoin will experience a capitulation event that will see its value fall to the next head rest. As can be seen from the diagram below, this is the next major support within $ 62,000 $ 69,000 console, which contains high prices in April and November.
Source: @CryptoCapo_ on X
In the alternative scenario, Crypto Capo emphasized how the first bull time could be annulled. According to the trader, if the Bitcoin price successfully closes $ 84,000 – $ 85,000 during the range, it can fall to $ 62,000 – $ 69,000.
Bitcoin price
From this writing, the price of Bitcoin moves around $ 83 300 level, which reflects a decline of 3% over the past 24 hours. This individual correction event has wiped out the main coin’s profit in early week, with coytecko data that shows no significant profit or loss over the past seven days.
The price of BTC slides beneath $84,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured Image Created by Dall-E, Chart from TradingView
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