Crypto carnage continues as Bitcoin price is violating some important price levels. The concerns among investors and traders is that perhaps we are about to see another crypto winter and it may take a long time for Bitcoin price to see any recovery as the bull cycle may be over. The actual answer is that no one really knows about that and the only thing that we do know is that institutions are still buying Bitcoin on every dip. For instance, yesterday, we saw the news from MicroStrategy who bought Bitcoin for another 10 billion. As long as institutions continue to support Bitcoin prices, we are unlikely to see crypto winter.
We maintain our narrative that the current sell-off is nothing more than a healthy correction which the market has been waiting for a long time. lower Bitcoin only means more money flow.
Speaking from a technical price point, there is no doubt that Bitcoin prices are way oversold. the Bitcoin price is very much near his 200 simple moving average and it has also violated the lower band of the Bollinger band where is your father shows that the prices are way oversold. it is highly likely that we will see a reversal trade for Bitcoin very soon. the near-term support is near 37,000 to 39,000 and if prices continues to fall, the next important support level is at 35K.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.