Cryptocurrency prices entered correction territory on Thursday as the Bitcoin ETF hype subsided, with analysts saying the bottom is in, and prices will chop higher from here.
- Cryptocurrency prices entered into correction territory on Thursday as the momentum generated by the possibility of a spot Bitcoin exchange-traded fund has quieted down, prompting some traders to take profits and begin plotting their next entry point ahead of a potential bull run.
Data provided by TradingView shows that Bitcoin bulls failed to defend support at $34,800, resulting in the top crypto sliding to a daily low of $33,750 in the afternoon. At the time of writing, BTC trades at $34,200, a decrease of 1.5% on the 24-hour chart.“October Bitcoin futures prices a bit weaker in early U.S. trading Thursday,” according to Kitco senior technical analyst Jim Wyckoff, who noted that “Prices hit a contract high Tuesday.
Blockchain analyst Jamie Coutts agreed with Brandt’s assessment that the bottom is in for Bitcoin and compared the recent price action to what was seen in July 2020.“What Bitcoin price action has done this week from a technical standpoint is the equivalent of the breakout above $10,500 resistance in July 2020,” Coutts said. “Price has cleared a massive supply overhang – the largest in its history.
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