Bitcoin Risks Drop Below $110,000 After Recent Price Correction
Bitcoin (BTC) is attempting to reclaim support after falling below $115,000. Analysts predict a corrective phase that may result in a 15%-25% drop.
Bitcoin Risks Drop Below $110,000
- BTC fell below $115,000 for the first time in nearly two weeks, retesting $114,500 before bouncing.
- The cryptocurrency has been trading between $112,000-$122,000 since August 7, with an all-time high of $124,200.
- Market watchers suggest BTC has entered a corrective phase, indicating potential further declines.
- If BTC drops below $112,000, it could fall to around $108,000 due to liquidity concerns.
- The Accumulation Trend Score at 0.20 indicates holders are redistributing rather than accumulating BTC.
Has The Price Discovery Correction Begun?
- BTC closed below the crucial $119,000 level on the weekly chart, signaling weakness.
- A bearish retest may occur if the bottom of the current pattern becomes resistance, potentially leading to another test of $112,000.
- Analysts suggest BTC is entering a second Price Discovery Correction, which historically follows peaks.
- This correction might be shorter and shallower compared to previous cycles, with expected pullbacks of -15% to -25%.