#Write2earn #Bitcoin Faces #Downtrend : Will the #Correction Continue? #BitcoinBloodBath $BTC

According to a strategist from LMAX Group, significant Bitcoin investors have yet to initiate purchases during the recent dip, suggesting a potential continuation of the correction period.

Bitcoin's price plummeted below $60,000 during Wednesday's U.S. trading session, erasing the gains it had made since Saturday's sell-off. Despite briefly climbing above $64,000 earlier in the day, Bitcoin dropped to $59,900, marking a more than 3% decrease over the past 24 hours and its lowest point since early March. Meanwhile, Ether, the second-largest cryptocurrency, also experienced a decline, falling below $3,000, down by 2.5% over the same period.

The downturn extended across most cryptocurrency markets. Today's downturn underscores the cooling-off period for cryptocurrencies following a months-long rally that peaked last month. Bitcoin has retreated by more than 15% from its recent all-time high, while some altcoins have pulled back by 40%-50% from their peak levels, aligning with historical patterns observed in previous crypto bull market pullbacks, as per Glassnode data.

Analysts interpret Bitcoin investor behavior as an indication that market weakness could persist for some time, as significant holders have yet to capitalize on the current dip at current price levels. Joel Kruger, a market strategist at LMAX Group, stated in a Wednesday market update that recent blockchain data reveals large Bitcoin holders refraining from increasing exposure amid the dip. This cautious approach suggests the possibility of further weakness or consolidation before Bitcoin resumes an upward trajectory.

Kruger emphasized the $59,000 level as crucial for Bitcoin's technical outlook, highlighting it as a significant support zone where prices rebounded twice in March. He noted that if Bitcoin can maintain support above this level, attention will be on a potential push to a new record high and toward $100,000.