Bitcoin News, Market Analysis

Is Another Bitcoin Price Fall On Its Way? – Technical Analysis.

The worldwide cryptocurrency sector correction, which sent the bulk of digital assets including Bitcoin (BTC) into deep consolidation, was a mud bath for all crypto traders who had become accustomed to robust rallies and endless bull runs, however, certain analysts believe the present downturn is far from finished.

The logical study of Bitcoin

As per Katie Stockton of Fair field Strategies, a technical indicators business, the long-term outlook on the cryptocurrency market continues to be favorable, despite the fact that the bulk of digital assets on the market has taken a significant hit. On Sunday, the commodity plummeted rapidly below the trendline that was functioning as a support zone around $52,000, confirming the first breach in Bitcoin’s trend. For the time being, the first cryptocurrency is trading much under that level, at around $47,700.

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BTC/USD TRADING CHART – SOURCE: TRADINGVIEW.COM

As per experts, Bitcoin’s following support level is $37,000, which would have been the weakest position in August. The crypto is still a danger of falling within that range in the following two months. Stockton further claims that it is hard to anticipate the precise location of another collapse, but he feels that a breakdown of the $44,000 support zone might send the asset immediately into the following $37,000 region.

Bitcoin is followed by cryptocurrency firms.

With the collapse of the bulk of digital assets on the market, crypto-related firms such as Micro Strategy, Riot, and many more dropped precipitously, shedding up to 15% of their value in weeks. If Bitcoin investors opt to drive the currency lower, crypto mining and running firms are much more inclined to pursue their underlying assets, which are now trading at $48,441 with a 0.4 percent daily increase after losing a 6% value.

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