The price trend of Bitcoin has always been the focus of the cryptocurrency market, and its recent price fluctuations have attracted widespread attention. Just three days ago, I warned that Bitcoin's price might fall to the range of $96,000 to $79,000, and now this prediction is becoming a reality.
Starting from the peak of $96,000, Bitcoin plummeted to $79,000 in just a few days. The brutal price correction and panic selling have shaken the entire market. So, will Bitcoin rebound, or will it face a more severe decline? #Bitcoin has broken below the $80,000 mark; does this indicate the beginning of a significant price correction?
Currently, Bitcoin's trading price against the US dollar ($BTC /USDT) is $79,412, a sharp decline from the 24-hour high of $87,078, with a decrease of 8.15%, hitting a low of $79,152. As selling pressure continues to increase, traders are filled with doubts: is this price drop just a temporary fluctuation, or does it indicate a deeper correction on the horizon?
Critical Price Level Analysis
1. Resistance Level: $80,440 is a key resistance level. If Bitcoin's price can successfully break through this level, it may return to the price level of $82,675.
2. Support Level: $79,152 is currently an important support level. If Bitcoin's price cannot hold this level, its next downward targets may point to $78,000 and $76,500.
Trading Strategies and Risk Management
1. Long Entry: When Bitcoin's price rises above $80,500, a long entry can be considered, with target prices set at $82,000 and $83,500.
2. Short Entry: If the price falls below $79,000, a short entry can be considered, with downward targets set at $78,000 and $76,500.
3. Stop Loss Setting: For long positions, the stop loss is set at $81,000; for short positions, the stop loss is set at $80,000.
Market Sentiment Analysis
1. Parabolic SAR Indicator: This indicator currently confirms that Bitcoin is in a strong downtrend.
2. MACD Indicator: Shows that bearish momentum continues to exist in the market.
3. Order Book Situation: Although the current buyers account for 63%, dominating the market, selling pressure remains high, adding uncertainty to the market.
Can Bitcoin recover from the current downturn, or will it face a deeper price correction? Please closely monitor the changes in the key price levels mentioned above to make timely and reasonable trading decisions!
