Bitcoin is undergoing a correction, what to expect next?
Last week we saw Bitcoin reach $66,500 and now, as usual, it is correcting. Markets don’t go up in a sustained manner without a temporary pullback. With this correction, the question arises about where the leading cryptocurrency will go next.
Bitcoin Technical Movement Analysis
Bitcoin fell after breaking the downtrend at $62,800, and is currently trading in a range between this level and $60,000. The latter is a strong and difficult number to break, as it formed a major support that the market tried to break several times without success.
What might happen next?
Analyzing the market movement, it seems that the $60,000 level will remain a strong support in the coming period. However, one should be cautious about the possibility of seeing another correction that will take Bitcoin to the $58,000 level, but this correction is expected to be temporary and the market will rebound quickly.
Is now a good time to enter the market?
The answer is yes, but it is preferable to trade with speculative caution. It is necessary to use Stop Loss orders due to the current political situation. Financial markets in general are greatly affected by geopolitical events, which increases price volatility.
Is there a positive outlook for the market?
Yes, despite the warnings. Optimism about the market remains, but it is necessary for the political situation in the Middle East to calm down to achieve greater stability in the market. As calming these crises may contribute to pushing prices towards an increase in the coming period.
conclusion
Bitcoin appears to be in a healthy correction phase that could set the stage for a new bullish wave. However, traders should be cautious and rely on risk management strategies, especially in volatile political conditions.
