Analytics / Forex and Crypto News
Last week, we saw a rapid bullish rally in the price of Bitcoin. The price not only broke above $50000 but also reached the levels of $56000, $58000. But after yesterday the pair BTC/USD reached $58000, it began a correction. At the time of publication, the pair BTC/USD dropped below $58000, $56000, $54000. The pair BTC/USD is trading around $52500.
Some analysts suggested the beginning of a correction in the price of Bitcoin, confirming this by the fact that the market was overheated. But looking at the RSI technical indicator, you can see that at the moment the Bitcoin price has left the overbought zone and is trading in the neutral zone near the 40 level.
Experts at WhaleMap believe that a massive move by large players to take profits may signal to overheat. Therefore, the probability of a rollback is now very high.
The Santiment team pointed to the important mark of $56286 that Bitcoin picked up amid record-high network activity. The cryptocurrency will be able to reach $60000, but for this, it will need more serious support, which is clearly lacking, analysts emphasized.
Some analysts are forecasting a $10000 price drop for Bitcoin, which is about 20% from the last price high and testing the support level around $45000.
If the pair BTC/USD finds support around $50000, it can resume its growth again. The reason remains its corporate/institutional acceptance against the long-term risks associated with inflation and the depreciation of fiat money.