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Wednesday, October 27, 2021

Bitcoin Price Has Gone Down By 5% In Its Push For $50K

Bitcoin managed to lose most of its appetite for more gains as the price of BTC moved into target levels which were below $45,000. According to data provided by TradingView and Cointelegraph Markets Pro, the BTC/USD exchange showed the cryptocurrency testing the water at $44,200, after it went down by almost 4% in the last 24 hours.

The pair had previously spent the entire day looking for new highs which were around the level of $47,000- but major resistance managed to beat them out with the volume failing to sustain the cause of the market bulls. 

Golden Cross For Bitcoin Still On Track

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Michael van de Poppe, one of the major contributors of Cointelegraph warned the cryptocurrency that there was a slight weakness on the latest breakout which could definitely imply some massive potential exhaustion in the long run. In his latest update on YouTube, van de Poppe went on to assess the chances that came with a far more fundamental correction on the price of Bitcoin.

He stated that the majority in the crypto market was expecting something in the range of $48,000 to be hit before the currency started reversing- which were his major predictions from Wednesday.

Interestingly, even the modest dip which took place yesterday was enough to avert a bullish event for Bitcoin on the daily chart of today. As has been noted by Rekt Capital, the positive golden cross was still not on the way to hit the track on Friday. It definitely involved a moving average price over 50 days to cross over the moving average price over 200 days. 

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The analyst further tweeted that the dip in Bitcoin wasn’t enough to sidetrack the Golden cross which was on the way. He added that the exchange of BTC/USD would be able to sustain a level of $45,200 as support to continue the bullish bias it had previously. It has been noted that quite a few golden crosses have been through subsequent price corrections. 

 

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