Bitcoin holds above key support levels, despite current correction.
Altcoins in AI, meme coins, and Layer 1 sectors show resilience.
September jobs report could impact Bitcoin's market trajectory.
As Bitcoin price hovers alongside the $61,000 region, one analyst considers trader psychology and explains why this correction is a great opportunity to buy the dip. Bitcoin is currently facing a significant correction, but market analysts remain optimistic. The cryptocurrency still holds above the crucial Bull Market Support Band, maintaining a healthy long-term uptrend.
Analyst Lists Key Reasons to Buy the Dip
Key support levels to watch are $58K and $60.5K, with the 200-Day EMA acting as a critical indicator. A break below $58K could signal a bearish trend, but many investors are targeting buy zones between $58.8K and $60K, seeing these levels as high-risk-to-reward entry points.
https://twitter.com/VirtualBacon0x/status/1841639093815365942
Additionally, macroeconomic factors like the upcoming September jobs report may heavily impact Bitcoin’s trajectory. The unemployment rate, forecasted by Jerome Powell, will be a major indicator, with anything above 4.5% being a bearish signal for the market.
Leading Crypto Narrative This Bull Run
Despite the correction, some altcoins are showing resilience, particularly in sectors like AI, meme coins, and Layer 1s. Memecoins such as Dogecoin and Shiba Inu remain strong performers, while tokens like SUI and FET have continued their upward momentum despite the market dip.
Looking ahead, Bitcoin holding its $58K support level is crucial for a higher low and a potential bounce above $66K. If Bitcoin closes below this level, traders may reconsider their positions. The analyst ends his post encouraging traders and investors to take this moment as an opportunity to accumulate, rather than panic.
The post Bitcoin Correction Continues, Analyst Lists Reasons to Buy the Dip and Accumulate Heavily Before Q4 Pump Begins appeared first on Crypto News Land.
