Bitcoin (BTCUSDT) Supply Area Proximity and Market Sentiments
Since September 10, Bitcoin's uptrend has been impressively consistent, marking three months of continuous growth. This prolonged price action significantly raises the probability of an impending correctional move down. BTCUSDT has been trading near the supply area for the past couple of weeks, inducing a sense of caution in the crypto market.
While the long-term trend remains strongly bullish, a healthy correction could be beneficial for sustained growth. Additionally, the remarkable surge in altcoins over recent months, though exciting, indicates the need for a potential pullback.
As long as BTC is below the current supply area, we anticipate a 20% correction to test the double Fibonacci support at $36k.
While the long-term trend remains strongly bullish, a healthy correction could be beneficial for sustained growth. Additionally, the remarkable surge in altcoins over recent months, though exciting, indicates the need for a potential pullback.
As long as BTC is below the current supply area, we anticipate a 20% correction to test the double Fibonacci support at $36k.
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