Bitcoin (BTC): Is a Correction on the Horizon?
Bitcoin (BTC) has shown resilience despite a significant drop from around $30,000 to its current price.
It raises concerns about a potential departure from its established pattern of higher highs and higher lows in 2023.
BTC faces resistance at approximately $28,000, with support at $25,000, having previously rebounded from this level in June to reach a yearly high of $31,700 before returning to June’s support and consolidating.
Analysis, including Fibonacci Retracement, suggests BTC may climb to $28,000 before further moves. The daily MACD indicates bullish momentum, while the RSI shows a balanced market sentiment.
However, limited trading volume at this price level raises concerns, with the Visible Range Volume Profile (VRVP) pointing to more substantial support around $23,000, implying a potential 13.5% downside risk.
READ MORE: Dollar Soars, BRICS Roars: Global Currency Clash
Despite recent fluctuations, Bitcoin remains one of the top-performing assets in 2023, with over a 60% increase since January 1st, compared to Apple’s 40.5% gain.
Additionally, BlackRock’s application for a Bitcoin Exchange Traded Fund (ETF) briefly pushed BTC above $30,000, but the SEC’s delays in approving ETFs may have contributed to price corrections. Approval of a spot BTC ETF could propel the asset to new all-time highs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
