After an impressive rally that broke its previous ATH, we witness today yet another retracement for Bitcoin Prices. Instead of continuing the road towards 70K, Bitcoin’s price fell below 60K, bringing the entire market down as well. Currently, the cryptocurrency market is down by 5% in the past 24 hours, and most cryptos are in the red. Is Bitcoin down because of a simple adjustment in prices or is the Bullrun over?
Bitcoin Price Retraced after Hitting ATH
The mainstream media flashed many crypto-related articles when Bitcoin’s price started to increase. When Bitcoin breached its 64K price and reached 67K, everyone jumped into buying aimlessly without having a proper trade setup. In fact, professional traders are very wary of such events, as they are often followed by heavy price adjustments. For Bitcoin, the exact scenario happened.
In a previous article, we specifically warned about a potential retracement. Prices were forecasted to drop from 67K back to the 57K price area, which is the 38.2% Fibonacci retracement. In figure 1, we can clearly see how this price-action came into play.
Fig.1 BTC/USD 4-hours chart showing the retracement of Bitcoin – TradingView
Bitcoin Price Prediction – Will Prices keep Falling?
Looking at the technicals, this price adjustment was bound to happen. However, looking at the fundamentals, we can see much positive news in the crypto market. US regulators are already looking into applying a legal framework to push the crypto narrative further. This alone should be an important milestone and a good fundamental pillar that shouldn’t portray negative sentiment.
On the other hand, when zooming out in figure 2, we can clearly see that this current price adjustment is definitely not an indication of a downtrend. Prices can still adjust lower before continuing on their uptrend.
Fig.2 BTC/USD 1-day chart showing the macro outlook of Bitcoin – TradingView
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Rudy Fares
Bitcoin Crash© Cryptoticker
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