Bitcoin Price Drops Below $9500, Analyst Forecasting Correction to $8500
Cryptocurrency enthusiasts, brace yourselves—Bitcoin may be in for a bumpy ride. Bearish signals are flashing on the TD Sequential indicator, indicating that Bitcoin could plummet to as low as $85,600.
Recent trading activity in crypto futures has been intense, with over $400 million in liquidations. Small altcoins and midcap coins are also experiencing higher-than-usual liquidation levels, adding to the market’s volatility.
A prominent trader has issued a warning about a potential downturn in Bitcoin’s recent rally. If the cryptocurrency fails to break through the $100,000 resistance level, we could see a significant correction.
Chart analyst Ali Martinez spotted a bearish signal on the 12-hour chart, predicting that Bitcoin may correct to $91,583 initially, with a possible deeper drop to $85,610 if selling pressure continues to build.
As of now, Bitcoin is hovering around $94,660, down 1.6% over the past 24 hours. Other major cryptocurrencies like Ripple XRP/USD and Dogecoin DOGE/USD are down over 5%, while Solana’s SOL/USD, Ether ETH/USD, Cardano’s ADA/USD, and Binance’s BNB/USD have fallen between 2% and 5%.
This market-wide retreat has caused the overall cryptocurrency market capitalization to decline by 2.4%. Crypto-tracked futures have also seen over $400 million in liquidations, wiping out both long and short positions.
Interestingly, smaller altcoins and midcap futures have seen higher liquidation volumes compared to Bitcoin and Ether, indicating increased risk-taking behavior among traders.
The market correction coincides with a general shift in sentiment within the cryptocurrency industry. As Bitcoin struggles to break the $100,000 mark, uncertainty and volatility are on the rise.
Stay tuned for updates as the situation continues to unfold.
