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Cryptocurrency News Articles
Bitcoin (BTC) Could Be Headed for a Potential Downturn, According to a Technical Analyst Citing On-Chain Data and Expert Analysis
Dec 27, 2024 at 10:33 pm
Bitcoin's BTC/USD could be headed for a potential downturn, according to a technical analyst citing on-chain data and expert analysis.
Bitcoin Price BTC/USD Poised For Potential Downturn, Technicals Insinuate
Bitcoin (CRYPTO: BTC) could be poised for a potential downturn, according to a technical analyst citing on-chain data and expert analysis.
Here's a breakdown of the key perspectives and statistics:
Renowned technical analyst @PeterLBrandt highlighted that Bitcoin is forming a broadening triangle on the daily chart, which could be signaling a potential breakdown. If this occurs, Brandt anticipates a retracement to the $70,000 zone.
eslight support is present until $70,085, making a price correction to $70,000 seem plausible, as Bitcoin trades below $93,806.
Over the past week, 33,000 BTC ($3.23 billion) have been transferred to exchanges, which could be a precursor to selling pressure.
On Dec. 23, traders realized significant profits, with $7.17 billion being taken off the table.
Long positions on Binance have decreased sharply, going from 66.73% to 53.60%.
Bitcoin recently dipped below a critical support zone at $97,300.
For the bearish scenario to be invalidated, Bitcoin must reclaim this level and maintain a daily close above $100,000.
If this occurs, a sustained recovery could target $168,500.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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