Bitcoin Price Analysis: Is Short Term Correction Evident Before the Golden Cross? Popular Analyst Says YES!
For the first time since mid-June, the world’s oldest cryptocurrency broke beyond the $40,000 barrier on July 28. Bitcoin price research suggests that a bearish trend will prevail over the next 24 hours since further gains over the $45,000 resistance level were not achieved. Despite the fact that cryptocurrencies appear to be regaining upward momentum, technical indicators point to a reversal early next week.
After months of severe resistance in the area of $32,500-$36,000 at various times over the last eight weeks, Bitcoin broke free and saw a significant rally, skyrocketing and breaching the $40,000 mark early this week.
BTC/USD, on the other hand, gained traction after failing to move lower and pushed above the $41,000-$42,000 barrier level on Friday. Following that, the market rallied to $45,000, where it has since paused its climb once more. The price of Bitcoin surpassed $45,000, reaching $45,304.
The Flagship currency is currently trading at $43,853, up 0.94 percent over the previous 24 hours. It may be tough to break the $45,000 resistance on the first go, thus a short-term drop is possible.
Despite the decreased trading activity, Bitcoin (BTC) was attempting to hold above the $45,000 barrier. However, it has a slim possibility of doing so today, as the main crypto has already run out of steam.
Willy Woo has something to say on the current state of Bitcoin’s price. Take a look at his tweet below.
Posted 15th July when short term price action was sliding bearish. Fundamentals do not predict short term price, but given enough time price discovery reverts to fundamentals.— Willy Woo (@woonomic) August 8, 2021
Exact value is $53.2k today, with a standard deviation band between $39.6k – $66.8k (68.5% confidence). pic.twitter.com/ZZuT9x9ZP2
Popular analyst Micheal Van De Poppe is hinting towards a short-term correction for bitcoin in his latest tweet.