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Bitcoin witnessed a rollercoaster of price action over the past week, with its value reaching an unprecedented peak of $73,777 before swiftly retracting and dipping close to $64,500.
At the time of writing, Bitcoin seems poised to conclude the week with a marginal decline of approximately 1% compared to the previous week's closing figures.
Analyst Perspectives on Bitcoin Correction
Market analysts foresee a shallow correction, speculating that lower price levels will attract significant buying interest from investors in spot Bitcoin exchange-traded funds. Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, characterized the downturn as a "Bear Trap," suggesting a temporary reversal.
The strength exhibited in any subsequent rebound will offer valuable insights into the duration and depth of the correction. A tepid recovery would indicate sustained selling pressure from bearish market participants, raising the likelihood of a more profound pullback. Conversely, a robust bounce-back would signal aggressive buying activity at lower price levels, bolstering optimism for continuing the uptrend.
Bitcoin's Price Analysis
Bitcoin witnessed a sharp correction from its peak of $73,777 on March 14, breaching the support line of the ascending channel pattern by March 16. Bulls attempting to halt the descent at the 20-day exponential moving average ($65,564) may encounter resistance at the channel's breakdown level. A failure to sustain current levels could exacerbate downside risks, potentially leading the BTC/USDT pair to retest support levels at $59,000 and subsequently at the 50-day simple moving average ($55,303).
A crucial determinant of Bitcoin's trajectory would be a concerted effort by bulls to reclaim ground within the channel, which would indicate robust buying interest at lower price levels.
According to Coin Telegraph, a breakout above the $73,777 mark would signify a resumption of the uptrend, with potential targets set at $80,000. While bearish signals have emerged, with moving averages exhibiting a bearish crossover, the relative strength index (RSI) suggests diminishing selling pressure.
Nevertheless, a decisive rejection from the 20-day EMA would imply a bearish sentiment prevailing, potentially driving the pair towards formidable support at $64,500 and even lower to $59,000.
Exploring Strong Performers: NEAR Protocol and Render
Near Protocol (NEAR) has witnessed a pullback within its uptrend, indicative of short-term traders booking profits. Encouragingly, the NEAR/USDT pair has found support near the 50% Fibonacci retracement level of $6.28, with a rebound potentially propelling the pair to retest resistance at $9.01. If breached, this level could signal a continuation of the uptrend towards the $10.50 mark.
Similarly, Render (RNDR) experienced a correction to the 20-day EMA ($10.02), with bulls defending the support level, underscoring positive sentiment and a propensity for dip-buying. A break above the $12.78 resistance on March 17 suggests a resumption of the uptrend, with potential targets at $16.81.
Based on a Coingape report, Mike Novogratz, the founder of Galaxy Digital, issued a warning that Bitcoin's current upward trajectory could potentially reverse if outflows from spot market Bitcoin exchange-traded funds (ETFs) exceed inflows. CoinGape's report highlighted a slowdown in inflows into Bitcoin ETFs amidst the recent correction in BTC prices.
However, Novogratz maintained optimism concerning Bitcoin's foundational price, projecting it to fluctuate between $50,000 and $55,000, barring any unforeseen major developments.
Photo: Vasilis Chatzopoulos / Unsplash
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