After the bulls lost momentum around the $44,000 area, Bitcoin continued to decline towards $42,000.
Bitcoin
Veteran Christopher Inks is keeping a close eye on where Bitcoin goes next.
Bitcoin’s move above this critical threshold is being closely watched as it could set the tone for its near-term performance.
The chart shared provides a visual representation of Bitcoin’s price action, including a series of Fibonacci retracements, a popular tool used to identify potential reversal points on a chart based on the past year’s movement.
The marked area around the 70.5% level is particularly attractive as it has historically seen high Bitcoin volume and is a strong support level.
With the price hovering around this level, it is anyone’s guess whether it will serve as a springboard for Bitcoin or if the market will enter the next phase of accumulation.
Previously, CryptoQuant analysts said that the approval of a spot Bitcoin ETF could trigger a “sell-the-truth” event, causing Bitcoin to fall to a low of $32,000.
This stance is supported by past correction patterns following periods of higher unrealized gains for Bitcoin holders, especially when breaking through key milestones such as the recent break above $40,000.
On the altcoin front, the market was on fire yesterday, with Bitcoin once again back near $42,000.
Many projects have seen significant declines. Optimism (OP), FTX Token (FTT), BitTorrent (BTT), Flow (FLOW), Arbitrum (ARB), Beam (BEAM), Fetch.ai (FETCH) have all lost more than 10% of their value in just 24 hours.
Other projects in the top 100 include Chainlink (LINK), Wemix (WEMIX), Arweave (AR), Gala (GALA), Celestia (TIA), Lido DAO (LDO), Render (RNDR), Injective (INJ), Sui ( SUI), WOO Network (WOO), ImmutableX (IMX), NEAR Protocol (NEAR), The Graph (GRT), Aave (AAVE), Avalanche (AVAX), Tezos (XTZ), Cosmos (ATOM), Mina (MINA), Synthetix (SNX), Apecoin (APE)… which are down 7-9%.
After surging above $2,400 yesterday, Ethereum (ETH) continues to encounter strong resistance around $2,450, after which the price quickly retreated. The second-largest market cap asset closed the day in the red, hitting a local bottom at $2,311, down more than 3% from the previous 24 hours.
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.
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