Bitcoin Price Drops $7,500 in 48 Hours: Volatility Continues
Bitcoin’s price is on a wild ride, dropping $7,500 in just a few days. This volatility can be stressful for investors, with emotions running high as some cash out and others hold on. Various factors, like rising treasury yields and inflation concerns, are contributing to the price drop. However, could it simply be that Bitcoin was overbought and is now experiencing a natural correction, exacerbated by market manipulation?
Looking at the charts, the retracement for Bitcoin’s recent move appears to be within a standard range. The current level of around $95,000 might see a bounce back up, especially since it’s the midpoint of Bitcoin’s current range. If the price does drop further, $93,700 could provide a good level for a rebound. The next major support level is around $84,000, which aligns with key Fibonacci levels and moving averages.
Zooming out to a longer-term view, we see strong horizontal support at $93,600. This level could serve as a base for the next leg up in the bull market. However, the Stochastic RSI indicator on the 2-week chart is currently heading down, indicating a potential need for a turnaround to sustain the bull market.
Overall, these market movements should not be taken as financial advice. It’s essential to conduct thorough research and consult with a financial advisor before making any investment decisions.
