Bitcoin [BTC] witnessed a major price correction in the recent past as it went under $58k, sparking fear among investors.
Bitcoin failed to test $58k support, hinting at a further drop in price, but there was hope for a trend reversal.witnessed a major price correction in the recent past, sparking fear among investors. The scenario might get even worse as BTC fails to test a key support level. However, if history is to be believed, then this might not be the end of BTC’s bull rally., BTC witnessed a double-digit price drop last week as its value plummeted by 10%.
The considerable decline in price also had a negative impact on Bitcoin’s dominance. As per CoinStats’ data, BTC’s dominance dropped by 1.7% in the last 24 hours, as it had a value of 50.2%.highlighting how BTC’s price was moving inside a parallel channel. If the coin tested the pattern, then its price could have once again touched $70k.Therefore, AMBCrypto checked Hyblock Capital’s data to look for its next support level.
Conversely, if a trend reversal happens and the coin’s price moves northward, BTC might face strong resistance at $65k.mentioning that BTC was mimicking its 2020 price action. As per the tweet, BTC’s was following the same pattern as the 2020 rally, suggesting that BTC’s latest bull run is far from getting over.revealed quite a few metrics that hinted at a trend reversal. For instance, BTC’s net deposit on exchanges was low compared to the last seven-day average.
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