Search
Search

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

0
0

779 Listen to this article Understanding Bitcoin Charts: Bitcoin charts show price movements with Japanese candlesticks. Each candle shows the […]

Latest News

Listen to this article

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 TradingView.com

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:

Read Also:  MicroStrategy's Bold Bitcoin Strategy: Surpassing $10 Billion with $4 Billion Profits

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.

Disclaimer:

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.

Read Also:  Cathie Wood's Strategic Shift: Embracing Bitcoin Futures ETF While Divesting from Grayscale

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase