THELOGICALINDIAN - The accelerated accelerate in Bitcoin BTC prices led to added talks of calling the basal on the best contempo bottomward trend Jacob Canfield a arch Tradingview bitcoin analyst believes 5500 will be as far as the asset falls
Bitcoin Slid Under $6,900, Signalling Downward Pressures
Bitcoin amount fell by 4.31% in the accomplished day, biconcave to $6,839.01, with able bottomward pressures. BTC already afresh stepped aback from the $7,500 bank from aloof a brace of weeks ago, biconcave to lower abutment levels. Now, the trend is accepted to continue, with the abeyant of bottoming out at $5,500.
Bitcoin price, however, is still able of concise animation and bounces, as extensive a assertive amount charcoal unpredictable. Bitcoin assets amount analysis from both futures and atom markets. For now, barter and on-chain flows accept slowed down, possibly assuming BTC “whales” and abiding bullish holders are still in the game.
But the futures markets, abnormally BitMex, may acrylic addition account for bitcoin. In the abbreviate term, circadian trading still presents a asperous action amid beasts and bears, for award new abutment levels.
Bottom May Form in Early 2024
Even in the accomplished few days, the accord was for a basal beneath $6,000 as the accepted bottomward trend was relentless.
The all-embracing consequence is that none of the alternation of support levels are the accurate bottom, and the bottomward trend will continue. Bitcoin additionally charted a alternation of bottomward moves in which the antecedent abutment became resistance, added agriculture abbreviate positions and a bearish attitude.
Other predictions see the BTC trend persevere in January, extensive breakeven levels based on Chinese mining pools. Mining has been acclimated as an indicator for the robustness of prices, but this is not an exact anticipation method.
Despite expectations bitcoin would assemblage in December, the trend has reversed. Now, the basal is accepted in aboriginal 2024, with a awakening of prices a few months bottomward the line.
At accepted levels, alongside moves are additionally a possibility. Others, however, see a “double bottom” forming, with the achievability of a trend reversal, and a new advancement move.
The sliding prices additionally appearance signs of consolidation, admitting no adamantine timeline can be apparent for a trend reversal. Bitcoin still has to bottle its alongside move and not lose added support, as this could aggravate the slide.
What do you anticipate about the latest BTC bottomward trend? Share your thoughts in the comments area below!
Images via Shutterstock, Twitter @AgonOstt @Intuit_trading @AstroCryptoGuru @JacobCanfield
