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Correction in Crypto Markets: BTC/USD Rate Drops to $60,000
On March 18, we wrote that bears became more active near the $70,000 level.
As the BTC/USD chart shows, today the price of Bitcoin is already close to the psychological level of USD 60k, while the price of Ethereum is close to USD 3,000.
According to MarketWatch, experts consider the decline to be a correction that is “long overdue” as part of an upward trend. According to Fundstrat, Monday saw net outflows from BTC ETFs for the first time since March 1, amounting to about $154.3 million.
What's next?
From a technical analysis point of view, the price of Bitcoin, given an increase of approximately 90% from point A (around USD 38.8k) to point B (around USD 73.4k), a normal correction of 50% indicates the prospect of a decline to the area of USD 56.1k.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
On March 18, we wrote that bears became more active near the $70,000 level.
As the BTC/USD chart shows, today the price of Bitcoin is already close to the psychological level of USD 60k, while the price of Ethereum is close to USD 3,000.
According to MarketWatch, experts consider the decline to be a correction that is “long overdue” as part of an upward trend. According to Fundstrat, Monday saw net outflows from BTC ETFs for the first time since March 1, amounting to about $154.3 million.
What's next?
From a technical analysis point of view, the price of Bitcoin, given an increase of approximately 90% from point A (around USD 38.8k) to point B (around USD 73.4k), a normal correction of 50% indicates the prospect of a decline to the area of USD 56.1k.
TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.