đ„đ„đ„ #Bitcoin⏠analysts say $BTC price correction is just âhealthy consolidation
Traders are interpreting Bitcoin's recent sell-off as a necessary development, with potential dips seen as opportunities for buying. Bitcoin (BTC) reached a new peak at $69,324 shortly after the opening bell on Wall Street on March 5, only to sharply correct by 9.75% to $59,323. Analysts view this correction as a welcome move before a period of "healthy consolidation" sets in. While BTC remains up by 12% over the last seven days, the sudden flash crash has left market participants uncertain about its future trajectory.
Market analyst Aksel Kibar identified Bitcoin's ascent above $69,000 as the "#FOMO stage," cautioning investors against succumbing to the fear of missing out at this level. Meanwhile, Alex Thorn, Head of Research at Galaxy Research, drew parallels to Bitcoin's historical price action, suggesting a potential 11.3% retracement over 15 days before a definitive break of the all-time high over the coming weeks.
Technical analysis indicates that the mid to low $50,000s could serve as a potential retracement level, with support likely around the $55,000 mark as per Peter Brandt's chart depicting a wide ascending parallel channel. Independent analyst Ali noted that the TD Sequential indicator signaled a sell on the daily chart, urging traders to exercise caution just before the price crash.
Although some traders anticipated a deeper correction as part of a pre-halving retracement, technical price analyst John Bollinger described the retrace on March 5 as "a bit much," warning that a failed rally attempt could have adverse consequences. Market data revealed that #traders were ill-prepared for the recent surge above $69,000, with over $1.17 billion in leveraged positions liquidated in the last 24 hours, including $846 million in long liquidations and $236.33 million specifically in BTC long liquidations.
Source - cointelegraph.com
