Yesterday, I did an article talking about the possibility of Bitcoin going to $90k in the coming weeks. The idea is that I also shared that it would be good for Bitcoin if it retraces to the $59k-$61k range. This range is expected to give good support and push the price back up. Also, note that in case the support doesn’t hold, it will look a little problematic. Then the next stop could be $56k, from where we can expect a jump. So, considering all this, the latest dip for Bitcoin is not a problem. We made a low of $60,386 and have recovered to $61.5k from there.
The crash and what’s next
There is no specific reason for this. If you check the charts, then Bitcoin has moved steadily to $60k from $40k. So, it is clear that retracements are going to happen, and the market will reset. The RSI levels that were peaking as we were moving up have now reset to levels seen at $40k, which shows that we are just readying for a huge run. Also, note that this movement has traced back to a Fibonacci level that generally provides support to BTC.
So, it will be important to observe the next few weeks and see if the market jumps from here on. Or we see a more gradual retracement and retest lower levels at $56k.
Ethereum has broken uptrend
Ethereum has broken its uptrend movement on the daily chart. The price of Ethereum has slipped below the trend line, and it will be interesting to see where does the support form. According to the charts, we are looking at $4,000 from here and then an upward movement. But considering that Bitcoin could move up as the patterns are promising, Ethereum could invalidate this and still move up. At present, it is trading just above $4,300.
While the prices of BTC and ETH have fallen, altcoins have seen much higher losses. Almost all have registered double-digits dips and have given investors the opportunity to accumulate at lower levels.
What are your thoughts on the latest Bitcoin dip? And do you think this is a good thing for Bitcoin? Let us know in the comments below. Also, if you found our c0ntent informative, do like and share it with your friends.
Also Read: Bitcoin hash rate nears ATH of May 2021 as mining industry recovers.