Bitcoin
Bitcoin Could Sustain $60,000 Price Level, Historical Data Suggests
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Bitcoin (BTC) is down nearly 6% in the last 24 hours and briefly missed the $60,000 price level. As BTC retests its previous all-time high as support, the trader identified as Rekt Capital shared at
Bitcoin has never been able to break the high reaccumulation range so early in the post-halving period
BTC also never lost its ReAccumulation Range Low as support in the post-halving period
History suggests BTC should be able to hold its own here$BTC #Crypto #Bitcoin https://t.co/quBSlVpKSm pic.twitter.com/pkNUGRn8FZ
-Rekt Capital (@rektcapital) June 24, 2024
The trader highlighted that Bitcoin could form a new pattern with today’s pullback, highlighting a downtrend channel on the weekly chart. “Monitor as the pullback develops,” he added.
Notably, the correction resulted in the liquidation of over $162 million worth of long BTC positions in the last 24 hours. According to data aggregator Coinglass, Bitcoin-related long sell-offs account for 51% of all daily values lost by traders.
However, the current pullback could be healthy for the continuation of the current bull cycle, the trader said. explained. As Bitcoin reached its all-time high before the halving, the cycle has accelerated and recent corrections are a way to slow the pace.
“Bitcoin continues to reduce the rate of acceleration in this cycle through this consolidation in the Reaccumulation Range. The acceleration rate has already dropped from 260 days to 160,” said Rekt Capital.
Furthermore, as reported According to Crypto Briefing, Bitfinex analysts also believe that there is a local bottom for Bitcoin. Last week, Bitcoin exchange-traded funds (ETFs) saw more than $544 million in outflows, which is usually a sign that a fund is being formed.
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