#Bitcoin : Will Crypto Crash Again ⁉️
.
.
.
.
Currently, Bitcoin is testing a critical support level between $55,000 and $56,000, a historically significant range. If Bitcoin falls below $56,700, it may struggle to maintain its value. Major economic events are on the horizon, including a speech by Federal Reserve Chairman Jerome Powell and significant announcements expected on Thursday.
In terms of technical analysis, we need a strong confirmation from Bitcoin before making any trading decisions. The Dollar Strength Index has been bearish since last week, which generally supports a positive outlook for Bitcoin's price. The 24-hour trading volume for Bitcoin has surged to $21 billion, indicating potential for increased volatility.
For Bitcoin's price prediction, a decisive move below $56,500 or above $58,400 is required to determine its next direction. The order flow shows mixed signals, with both long and short positions being opened and closed. While momentum is building, it needs to strengthen further to break above $58,400. Should this momentum continue, Bitcoin could potentially reach $60,000.
#Alternative Cryptos:
- $FET : Not appealing for trading at the moment.
- $GLM : Shows potential if it breaks out.
- $JASMY : Attractive for shorting.
- $HNT : Bullish outlook if it surpasses 1.7 cents.
- Solana ($SOL): Strong performance against Bitcoin; could be a good long opportunity if it breaks above $144.
