Bitcoin Plummets to $83K: Analysts Anticipate Further Losses Ahead
Bitcoin has experienced a sharp decline of 10%, falling to $83,000, prompting concerns about further losses. Analyst Egrag Crypto predicts that Bitcoin could drop to $73,000 before rebounding. Current market indicators show mixed signals, reflecting both bearish pressure and potential for recovery. The situation suggests that declines may offer buying opportunities for investors.
Today, Bitcoin has witnessed a significant decline of 10%, dropping to $83,000. This downturn followed a brief surge prompted by announcements surrounding the US Crypto Strategic Reserves. Crypto analyst Egrag Crypto forecasts that Bitcoin may descend further, potentially reaching $73,000 before its next major movement.
Egrag Crypto emphasizes the formation of a Bearish Engulfing Candle on the three-day chart, indicating a possible continuation of this adverse trend. Following a breach of the $90,000 support level, the outlook remains bearish, with the next possible support at $80,500 and potentially $73,000 thereafter.
Presently, market indicators show mixed signals. The Moving Average Convergence Divergence (MACD) remains bearish, suggesting that selling pressure may persist. Conversely, the Relative Strength Index (RSI) is approaching oversold conditions, hinting at a potential rebound should buyers re-enter the market.
The prospect of falling to $73,000 may not necessarily indicate a bearish shift. Historically, Bitcoin has experienced pullbacks prior to resuming upward trends. Egrag Crypto suggests that if Bitcoin can remain above the critical blue channel level, it may facilitate the next phase of an uptrend.
In summary, Bitcoin’s recent drop to $83,000 raises concerns of further declines as it approaches critical support levels. Analyst insights indicate a bearish sentiment with potential tests of $80,500 and $73,000. However, the situation also reveals potential for recovery if buyers emerge, suggesting that the current market activity presents possible investment opportunities for discerning traders.
Original Source: coinpedia.org
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