Bitcoin Prices Drop Amid Strong Market Correction, Targeting $76,000 Support
Bitcoin has undergone a significant market correction over the past week, with prices dropping to $80,000. Analysts forecast a further decline to approximately $76,000 based on a double top formation, indicating bearish market sentiment. Cryptododo7 also suggests the possibility of Bitcoin reaching a lower bottom.
Market Overview
- Total liquidations in the Bitcoin market exceeded $670 million.
- Prices fell over 15% from an opening of $95,000, confirming a double-top pattern.
- This pattern reflects two peaks around $108,000 and $109,000, followed by a price correction.
- Bitcoin dropped below the neckline level at $91,500, signaling a reversal.
- Potential support is noted at $67,000, with market reaction between $73,000 and $76,000 critical for future price movements.
On-Chain Activity Insights
Despite falling prices, active Bitcoin addresses have increased, reaching their highest daily level since December 2024. This uptick may indicate a turning point in the market, although no single metric guarantees a price reversal.
- Current BTC price: $84,961, reflecting a 2.54% increase in the last day.
- Daily trading volume has risen by 13.69%, totaling $71.43 billion.
