Bitcoin’s Recent Price Movement: Bitcoin’s price recently dipped, nearly reaching $25K before stabilizing

Bitcoin's Recent Price Movement: Bitcoin's price recently dipped, nearly reaching $25K before stabilizing

Understanding Bitcoin Charts:

Bitcoin charts show price movements with Japanese candlesticks. Each candle shows the price range during a specific time. Charts also have tools like trend-lines, support/resistance levels, and the Relative Strength Index (RSI).

Factors Influencing Bitcoin’s Price:

Bitcoin’s price is driven by supply and demand. Global events can also impact its value. For example, in 2016, India’s decision to remove certain banknotes from circulation drove Bitcoin’s price up in the country. In 2019, when Facebook announced its Libra project, Bitcoin’s price surged but slowed down as regulatory concerns arose. Additionally, “Bitcoin Whales” or individuals with vast amounts of Bitcoin can influence price movements.

Pattern Alert:

var tradingview_embed_options = {}; tradingview_embed_options.width = ‘790’; tradingview_embed_options.height = ‘475’; tradingview_embed_options.chart = ‘p5xkEg3k’; new TradingView.chart(tradingview_embed_options);

Bitcoin – This week 10% pump or 10% dump! (BREAKOUT) by Tolberti on

This week stands poised at the precipice of potential market movements, with a dominant head and shoulders pattern forming on the Bitcoin (BTC) charts. This pattern is notorious for indicating major market shifts, and the current formation suggests a heightened probability of a breakout.

The Breakout Odds:

Based on the current technical indicators and pattern analysis, the likelihood stands at:

Potential Price Movement:

If the bearish scenario materializes and the pattern breaks downwards, Bitcoin could be en route to touch the $20,000 mark and may even go as low as $15,000 later this year. For those bullish on BTC, it’s paramount to staunchly defend the current support level to pivot towards a new upward trajectory.

Diving into historical data, September hasn’t been Bitcoin’s best friend. Historically, September registers a negative return for Bitcoin, indicating a traditional dip. Though statistics lend credence to this trend, it’s essential to note that past patterns aren’t definitive predictors of future performance.

The Halving Perspective:

With the next Bitcoin halving slated for April next year, it remains a distant event and might not significantly influence the short-term price action. Preliminary projections suggest that Bitcoin may find its bottom around March 2024.

Broad Outlook:

The broader perspective on Bitcoin’s price remains dynamic, ranging from long-term monthly views to shorter hourly updates. Following regular updates ensures a comprehensive grasp on BTC’s price movements.

Trading Volatility and Diversification:

Bitcoin’s price can sometimes stagnate, leading to periods of diminished volatility. During such phases, diversifying trading strategies by venturing into altcoins can provide both opportunities and a hedge against BTC’s sluggishness.


This analysis offers a general overview and doesn’t constitute a trade setup. Specifics such as entry points, stop-losses, profit targets, trade durations, and risk-to-reward ratios aren’t provided. For detailed trade setups and insights, consider private consultations or dedicated trading platforms.

For the current crypto news follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

You Might Also Like

About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

View all posts by Maria Morgan →

Leave a Reply

Your email address will not be published. Required fields are marked *