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October 4, 2022
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Bitcoin

Why Bitcoin correction can take some time

Bitcoin and the entire cryptocurrency market have been caught in the midst of an intense consolidation crisis in recent days, with bulls and bears struggling to control their price.

Although buyers have yet to raise the cryptocurrency to more than $ 24,000, there is a strong possibility that this level will be visited in the short term, thanks to the recent breach above $ 23,000.

If successfully broken up, the BTC could rise higher from this level, potentially forming what an analyst is looking for as a bull trap that will result in seeing more of the downside.

Bitcoin breaks $ 23,000 again as analysts move higher

At the time of this writing, Bitcoin was trading up just over 3% at the current price of $ 23,566. It’s more or less where you’ve been negotiating for the past few days.

The selling pressure seen in the $ 24,000 region has been quite intense in the past, making the shift from that level to technically significant support.

He still faces a major obstacle of $ 24,200, as this is where his high point is. Salespeople can use this level as a price to close sales orders.

BTC is likely to rise further before seeing a strong correction

One trader noted in a recent tweet which is closely watching a break above $ 24,000, potentially marking the start of the next bullish step for BTC.

He also adds that the $ 20,000 correction that many investors predict will likely occur after the next bullish step.

I am optimistic about BTC here. I don’t think this is the fix that everyone is waiting for. This will come a little later.

Image courtesy of Credible Crypto. Source: BTCUSD on TradingView .

There is a high likelihood that the next few days will be crazy for Bitcoin and the rest of the crypto market.

Source: Bitcoininst

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