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Further correction possible at any time

Bitcoin fell to a two-week low of $9,110 yesterday after being rejected at the $10,000 level, but briefly rebounded to $9,350. Bitcoin’s price has fallen 5.26 percent in the past 24 hours to $9381.25 at the time of the transaction. Its market capitalisation fell from $179bn to below $172.5bn. After yesterday’s rally from the $10,000 mark, the price fell by $800 in minutes, briefly reaching $9,110 at the time of writing, and bitcoin has stabilized at the $9,350 mark.

Bitcoin Trader “Byzantine General” is not
surprised by yesterday’s price movement. According to his explanation, Bitcoin
continues to be caught in a large sideways trend, with the lower end at just
under $9,100 and the upper end at just under $10,000. So far Bitcoin has not
broken through the bottom, but has been able to find some buyers at the $9,100
mark. In this respect, according to the trader, “nothing significant” has
happened until there is a breakout out of the range.

Big Chonis Trading describes that Bitcoin
has lost a lot of bullish momentum after yesterday’s flash crash. However,
Bitcoin is still on the daily chart above the MA50, 100 and 200, however,
further liquidations could see Bitcoin break these indicators down and start
another bearish move.

Josh Rager, Bitcoin Trader and Blockroot
founder, says on Twitter that Bitcoin’s daily closing along the $9,400 mark is
a bearish sign. He believes Bitcoin could continue to fall to $8,400 and is
waiting for a good entry point. If Bitcoin rises above $9,400 again, Rager
believes that another upward movement is possible.

Senior analyst Hans Hague of Quant Strategy
states that Bitcoin is in a “strong accumulation” and this development has led
many investors to hold on to their holdings and trade less. To underline this
development, the analyst has split the following chart showing the price of
Bitcoin and the adjusted binary BDD indicator.

Hague goes on to say that the current trend
clearly shows that more and more investors are buying Bitcoin and that there is
a high probability that Bitcoin could experience a “firework” and thus an early
upward movement.

The Altcoin market is currently following the developments of Bitcoin. The Ethereum price has also fallen by 6.02% to a price of $234.34. XRP is down 5.54% and stands at a price of $0.19, Litecoin is down 6.53% to $ 43.82.

The pseudo-anonymous trader “DonAlt” is not
worried about the current price movement, as such developments, such as the
current correction, are perfectly normal in the historical course of Bitcoin
and contribute to the maturation of BTC. In his opinion, Bitcoin could even
fall by as much as 40%, as major events have always led to strong price
movements in the past. The following chart shows major events of Bitcoin and
the price movements that have accompanied them.

Author : Collin Brown

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