Bitcoin risk more negative if you lose the “main” support of $ 75,000 amid increasing concerns about a possible trade war between the United States and China.
Bitcoin (BTCThe price has decreased more than 6.5 % over the past 24 hours to drown less than 78197 dollars, which was last seen on November 10, 2024, Cointelegraph markets Professional Data appears.
Analysts attribute the current decline to the total economic concerns related to a possible trade war between the United States and China caused by the United States President Donald TrumpDecision to impose an import tariff.
BTC/USD, one year scheme. Source: Cointelegraph
These total economic concerns were the main cause of Bitcoin’s loss of support of $ 80,000, according to Bitget Research.
Tell the Cointelegraph analyst:
“Bitcoin’s decrease to less than $ 80,000 amid fear of the investor from the Trump tariff and market turmoil, indicates a correction that is likely to reach between 76,000 to $ 78,000 this week, approaching $ 75,000 as a major support level based on historical patterns and a feeling of trading.”
However, some analysts are concerned that Bitcoin’s correction may witness the first cryptocurrency in the world to strengthen $ 70,000.
Based on its association with the global liquidity index, The right side of Bitcoin (RHS), which represents the lowest offer, a person prepares to sell the currency, may decrease to less than 70,000 dollars at the end of February, after reaching its peak near $ 110,000 in January.
The total liquidity index, GMI, Bitcoin (RHS). source: Raul Pal
The first correction to 70,000 dollars from the Raoul Pal, founder and executive of Global Macro Investor, came in the X Publishing in November, which also expected Bitcoin to reach a “Local Summit” above $ 110,000 In January, before heading to the current correction.
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Can Bitcoin carry $ 75,000 support to avoid diving to $ 70,000?
Despite the feelings of poor investors, it seems unlikely that Bitcoin will decrease to $ 70,000 before the end of the week.
Given the continuation of the purchase from large institutions such as Castle Michael Sailor strategyHe told me: “Given to $ 70,000 seems” less likely “without great new incentives on the downside, adding: He added:
“The additional diving to $ 70,000 is possible, but it is less likely by March 2 without a large new shock. The level of $ 75,000 is in line with technical support and stablecoin institutions, while $ 70,000 will need a constant deterioration of panic or total to exceed the current pressure.”
Bitcoin exchange map. Source: Coinglass
However, a decrease less than 75,000 dollars would add huge fluctuations by moving approximately $ 900 million of long qualifiers to benefit from all stocks.
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However, the current Bitcoin correction may continue for two other weeks, based on the patterns of historical plans analyzed by the Rekt Capital.
The analyst wrote on February 27: “Bitcoin is the first correction to discover prices.” mailAdding:
“In the depth, the current price discovery correction was 25 % this shallow according to history standards although it is still very close to the -30 % sign. However, this decline for 11 weeks was in line with the period of 2013.”
source: Rick Capital
Assuming that the current downward trend will mimic the 2013 correction, Bitcoin may face two other weeks of negative pressure.
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