2023-06-10 16:14:00
Bloodthirsty Saturday on cryptocurrencies – The cryptocurrency sector is experiencing a very complicated Saturday. While Bitcoin and Ethereum are holding up relatively well, altcoins like Cardano (ADA), Solana (SOL) or Polygon Matic (MATIC) are down more than 20% in 24 hours. The price of Bitcoin still fell below $26,000, and is trading around $25,600. The sellers have regained control in the short term, is the fall over?
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Bitcoin price drops 3.3% in 24 hours
And BTC weakens at the end of the week, it is now evolving under 26 000 $. Bitcoin price drops 3.3% in 24 hours:
In one month, the BTC down nearly 6%. Despite the recent drop, the price is up almost 27% in three monthsand over 50% in six months. Altcoins Are Fragile, But Bitcoin Remains resilient.
After the rain, the good weather for the price of Bitcoin?
When we know days as complicated as today, it is sometimes hard to take a step back. Since the creation of Bitcoin, the price has experienced up and down cycles. However, let’s not lose hope, the positive might arrive in a few months, or a few years. here is a Comparative chart of the Bitcoin price according to the cycles since the market low :
The graph shared by Will Clemente on Twitter shows the performance of BTC during the different cycles since the market low. The last bull cycle recorded an increase of more than 2,000% since the low marked at $3,150. It’s an impressive performance, but well less important than in previous cycles. Note that performance tends to be less and less important. Also, the cycles seem to lengthen to the extent that. According to this graph, the next market peak might occur in 2026.
Bitcoin price soon back to $25,000?
As explained in yesterday’s edition, the price should return above the areas at $26,700 to avoid a new wave of decline. Unfortunately, the level rejected the course, and the sellers took over :
Now sellers have the ability to push to bring the price down to the level of the next bracket at $25,000. The objective of the buyers is for the price to go back above the resistance at $26,700. And double bottom can still fit here, but buyers need to defend the last low at $25,335and cause the price to close above 27 400 $. For buyers to regain momentum, the RSI would need to develop above 62.
Cryptocurrencies are experiencing a new complicated period, and it seems that it does not stop anymore. While the bullrun hasn’t returned yet, there is still hope for the months and years to come. Each cycle has down phases and up phases. In the short term, Bitcoin needs to hold the last low marked at $25,335, and get back above $26,700. After this bloodbath, can buyers react?
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