For the first time in months, Bitcoin's price has finally hit $25,000, but is now in danger of a major correction.
Since early August, prices have been looking more likely to head north, as market risk appetite has intensified on the back of lower US inflation data.
Most of the crypto markets responded to Bitcoin's price action by moving upwards as well, scoring growth on a percentage basis, even greater than BTC.
Price increases altcoins Majors such as Ether (ETH) and Binance Coin (BNB) are also looking better, signaling the decline in Bitcoin's dominance in the crypto market.
Looking at the BTC price movement in the chart above, the price quickly closed the candle bullish earlier with a stronger sell-off after touching level US$25,000.
Some analysts also discussed level which is expected to form a pattern double top, which means the price will be corrected big.
According to the popular Twitter account “Il Capo of Crypto,” level recent highs in BTC price seem to be the last piece of the puzzle before the push bearish return.
"We can see leg another up to US$25,400-US$25,500, but the peak of the market rally bearish it's very close. Most of the altcoins reach resistance major," he said.
Apart from that, there is another prominent Analyst, “Crypto Tony,” who also sees BTC turning away from resistancewas at US$24,500, to score a new buying opportunity at a lower price.
In Dave's analysis on the chart above, mapping the price is still in the buy zone, so it's still too early to mention bearish will again dominate.
Still, how global sentiment remains will play a big part in the trend prospects of crypto assets. Because, investors still measure their risk appetite from every policy made by the central bank.
Bitcoin Price Threatened by Major Correction
Based on reports Cointelegraphthe price of major cryptocurrencies has shot up to level $25,000, but traders still seem reluctant to take more risks to push the gains higher.
Looking at the BTC price movement in the chart above, the price quickly closed the candle bullish earlier with a stronger sell-off after touching level US$25,000.
Some analysts also discussed level which is expected to form a pattern double top, which means the price will be corrected big.
According to the popular Twitter account “Il Capo of Crypto,” level recent highs in BTC price seem to be the last piece of the puzzle before the push bearish return.
"We can see leg another up to US$25,400-US$25,500, but the peak of the market rally bearish it's very close. Most of the altcoins reach resistance major," he said.
Apart from that, there is another prominent Analyst, “Crypto Tony,” who also sees BTC turning away from resistancewas at US$24,500, to score a new buying opportunity at a lower price.
On the other hand, the popular analyst “Dave the Wave” still sees a continuation opportunity bullish using a technical approach and indicators MACD. According to Dave, there is a lot of upward pressure building on resistance levelwhere the price will jump from the position oversold and become bullish.$BTC / $USD – Updates
Looking for that range high flip into support before i look to re long legends pic.twitter.com/UQ99hWO8w4 — Crypto Tony (@CryptoTony__) August 14, 2022
In Dave's analysis on the chart above, mapping the price is still in the buy zone, so it's still too early to mention bearish will again dominate.
Still, how global sentiment remains will play a big part in the trend prospects of crypto assets. Because, investors still measure their risk appetite from every policy made by the central bank.
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