Bitcoin's Wild Ride: Market Experts Predict Minor Correction, Altcoins to Watch
Summary:
Bitcoin (BTC) faced a price correction this week after reaching an all-time high of $73,777, while market experts predict a minor correction that could trigger aggressive buying. The bitcoin price fluctuations also prompt speculation on whether selected altcoins will start a recovery. NEAR/USDT, BTC/USDT, APT/USDT, RNDR/USDT, and MKR/USDT are among the top five cryptocurrencies showing potential for growth. As these currencies go through ups and downs, constant market analysis and thorough research on trading moves are recommended for the investors.
The week witnessed a rollercoaster ride for Bitcoin (BTC), surging to a never-seen-before level of $73,777, but shortly after, it fell near the $64,500 mark. At the time of release, Bitcoin appears to be wrapping up the week slightly down by nearly 1% compared to the previous week's closing. Industry experts are predicting a minor correction since they hold a firm belief in solid purchasing from spot Bitcoin trade fund investors at lower points. According to Apollo's chief, Thomas Fahrer, Bitcoin's drop is simply a "Bear Trap."
The effectiveness of the rebound will hint whether the correction phase has ended. A feeble recovery signifies unabated selling pressure, increasing the chances of a larger pullback. Conversely, a robust bounce suggests aggressive buying at lower prices, boosting the possibilities of a resurgence in an upward trend. There's curiosity over whether the correction of Bitcoin’s price will halt and kickstart a recovery in selected altcoins. Here's a glance at the top 5 cryptocurrencies that appear strong on the charts.
Rapid corrections were seen in Bitcoin's price from its record high of $73,777 on March 14, and it fell through the support point of a rising channel pattern on March 16. The bulls are fighting to halt the slide at the 20-day exponential moving average ($65,564), risking a higher possibility of a fall if the price plummets sharply from the current value.
If the 20-day EMA fails, the BTC/USDT pairing could drop to $59,000 and then the 50-day simple moving average ($55,303). On the contrary, strong buying at lower points can be signified by a price push back in the channel by the bulls. The currency pair could then gather to $80,000 if it breaks above $73,777, marking the uptrend's resumption.
Near Protocol (NEAR), despite trending upwards, has seen a retreat, signalling profit-taking by short-term market participants. The NEAR/USDT pair is observing support close to the 50% Fibonacci retracement level of $6.28, a bullish sign. If the bounce is sustained, the pair might test the overhead resistance of $9.01 again.
Aptos (APT) sharply fell from $15.70 on March 16, but the decline was stopped at the 20-day EMA ($12.90) by bulls, indicating purchasing power at lower levels. It could surge to $18.69 if bulls keep the price over $15.70.
Render (RNDR) dipped to the 20-day EMA ($10.02), but the quick reaction by the bulls reveals a positive sentiment among traders. The momentum will pick up if the price manages to stay over $12.
Lastly, Maker (MKR), still under the bulls' control, renewed its upward traversal. The bulls are trying to keep the pair above the ascending channel pattern in the 4-hour chart to pick up momentum and rise to $3,725. A fall below $2,976 may shift the tide in favor of the bears.
Investments and trades are always fraught with risk, hence it is crucial for potential investors to thoroughly research their decisions. This article does not provide any investment advice or recommendations.
Published At
3/17/2024 9:21:41 PM
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