What Caused This Mid-Cycle Bitcoin Price Correction
Factors ranging from regulation in China to the Taproot protocol upgrade were driving bitcoin price charts to a decisive point for weeks.The bitcoin price rallied last week, but the move did not come out of the blue. While some people attributed the spike in price to the fake news about Amazon planning to accept bitcoin, the charts had been signaling a move was coming, approaching a decisive point for weeks.I attribute this mid-cycle correction to three dominant and simultaneous narratives that, before resolved, caused major uncertainty and price declines. These events affected sentiment....
Related News
Bitcoin price fell to a 3-month low earlier today retracing to $42,000 level which many believe was caused by Elon Musk’s recent Twitter meltdown, however, the price soon bounced off to rise above $45,000 as the total correction since last month high reached over 30 percent , the biggest correction this bull season. While many […]
Bitcoin’s price is undergoing a correction toward the long-term upward trend. For how long will this correction last, and at which point is the long-term upward trend most likely to continue? What has caused the start of this correction? One of the key long-term levels was near $760-80. A long-term downward trend has been forming along that price as far back as 2014. The price of $760-80 has become a key level. The placing of the correction level of the Fibonacci grid 38% has given more significance to that range. That’s why it could be called a historical maximum, which was later....
Dogecoin is beginning to regain momentum after a sharp drop in the early hours of January 3, a move that liquidated many traders who had been betting on continued upside. This decline wasn’t just another pullback, as it marked the most significant Dogecoin price drop in six months. As noted by technical analyst Kevin (@Kev_Capital_TA), Dogecoin has just completed its second major correction in this ongoing bull cycle. Notably, the next move is a push towards $1 for Dogecoin. However, whether this recovery gains traction will largely depend on Bitcoin’s next move, as broader market....
XRP is moving in tandem with the broader crypto trend and has managed to hold above the $3 price level. According to a recent technical analysis by popular crypto chartist Egrag Crypto, XRP’s price action is about to enter a critical stage that will push it well above double digits. Its monthly Relative Strength Index (RSI) is currently playing out what he calls the “Cycle of Three,” which projects an incoming explosive phase. Major Pump, Correction, And Blow-Off Top Egrag’s framework is built around a repeating pattern that’s always taking place on XRP’s monthly RSI indicator.....
The Bitcoin price action has long been used as the standard measurement of its market cycle. While price has served as a convenient benchmark, a crypto analyst argues that it may not be the most reliable tool for understanding the cycle. Instead, his analysis points to a stronger factor that could serve as a better […]