Is Now the Perfect Moment to Purchase Bitcoin?
Price of bitcoin is dropping sharply. The most expensive currency in the world had a 5% loss on the past trading day at spot prices and is still falling precipitously, testing $60,000 with ease. After making advances over the weekend, the psychological round number has been a level to keep an eye on in the last several days.
Should I Buy Bitcoin Now That Its Price Is Down?
One expert believes that now is the perfect moment to stock up, despite the fact that Bitcoin is slipping and sellers are being persistent. According to the analyst's X article, Bitcoin is almost ready to enter the "Spring" phase of the Wyckoff re-accumulation model.
Although Wyckoff identifies several stages to price patterns, the "Spring" stage is the one that the majority of traders consistently monitor. As trade volume increases, the coin's price tends to "spring" upward, causing it to break out of its current range.
The daily chart for Bitcoin clearly shows that prices have been settling into a consolidation pattern. As of right now, the lows from May and June of 2024 provide the most solid support. Then, in May, prices hit rock bottom at around $56,500 after plunging below $57,000. Between $72,000 and the highs of March 2024, there is resistance.
Bitcoin is now re-evaluating its key support level; earlier today, it dropped to $56,900 from a high of $60,000 after the July 4 bar broke through. Prices are preparing for the spring phase according to the Wyckoff model. So long as the losses from today are not confirmed, this preview will be valid.
Even if the expert has a positive outlook, not everyone shares it. An on-chain expert named Willy Woo claims that miners are giving up and driving the current sell-off. The Bitcoin Hash Ribbons show that the market is starting to dump "weak" miners, which means that the decline is about to begin.
The Bitcoin network has automatically reduced BTC rewards to 3.125 BTC, half of what they were before the April 20 Halving.
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