Bitcoin price fell by 2.50% today and is currently trading at $67,402. This downtrend comes after BTC rose nearly 1% over the weekend and briefly breached the $69,000 level.
Why is the price of Bitcoin falling today?
Today's BTC price crashed by 2.50%, which can be attributed to the correction at the beginning of the week. Monday is typically a down day, and prices tend to correct and find support on Tuesday or Wednesday before the prevailing trend continues.
Will the trend remain bullish after this correction? Or has Bitcoin's uptrend come to an end?
Has Bitcoin's uptrend ended?
Yes, Bitcoin's uptrend may be coming to an end, at least in the short term, and investors should expect a significant double-digit correction.
There are two reasons why a short-term retracement is likely to occur.
Considering the price behavior of Bitcoin over the past seven months, a local top formed around the psychological level of $70,000. This is the first reason.
The second and most important reason investors need to be aware of is how the weekend rally may have set a trap for greedy bulls. The 1.55% gain on Saturday and Sunday exceeded the Oct. 18 swing high of $69,049. However, the bullish momentum failed to support the uptrend and created a bearish swing failure pattern. This technical formation was observed for the first time since October 10th, and as a result, Bitcoin price predictions suggest a possible reversal.
What’s next for BTC price?
Although the long-term outlook remains bullish, this correction could push Bitcoin back towards these key support levels.
- $65,500 to $65,800 – Zone containing buy-side imbalance.
- $64,762 to $63,269 – Daily buy-side imbalance.
- $64,165 – This is the highest trading volume level in the last seven months.
Frequently asked questions (FAQ)
A typical early-week correction on Monday saw Bitcoin prices fall by 2.50%.
Bitcoin’s uptrend may be coming to an end, at least temporarily, and a double-digit correction could occur.
Key support levels include $65,500-$65,800, $64,762-$63,269, and $64,165.
akash girimas
Akash Girimath is an engineer by training with a deep interest in the intricacies of the crypto market. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to prominent platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the world of cryptocurrencies. Follow him on Youtube , X and LINKedIn
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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