Bitcoin Struggles Above $5,100 – Is The BTC Correction Over?
The crypto market still looks pretty bloody today, with the most coins trading in the red.
At the moment of writing this article, Bitcoin is also trading in the red, and the most important coin in the market is priced at $5,198.05.
Bitcoin suffered a massive fall in price, and during the past week, the digital asset has fallen by more than 50% in just a couple of days, shaking the crypto markets to the core.
The coronavirus pandemic is an essential factor that hit the US markets and the global economy, and, of course, the crypto market has also been massively affected.
Bitcoin correction ahead of the halving event
The Crypto Daily online publication addresses the subject of Bitcoin correction ahead of the halving process that is scheduled for this May.
They say that the correction is over now, but the publication also makes sure to note the fact that this doesn’t mean that prices cannot go lower.
“The situation with stock markets across the globe is still too volatile and we could see big swings either way. However, the damage is done and the purpose is served. A lot of Bitcoin (BTC) has changed hands and there is nothing much to gain from dragging the market lower from a market maker and whale’s perspective,” according to the online publication.
Check out their video posted on YouTube below.
Feedback following the video
Someone commented: “Thanks Jefe for the video today and great analysis as usual – I had buy order set $4,220, didn’t get filled so missed the pump – I’m still bearish – Think we can tank lower my renko and osc still downward trend, but your making me think otherwise now – Needs to get above $5,800 for me to get bullish!”
Another person on YouTube said: “The price action does look weak and this could definitely go down lower but not for long. There is too much fear in the market, and I don’t see it crashing to $1k when everyone is expecting it.”
Someone agreed and posted this: “Agree with you. Also, usually an asset (any kind of asset) doesn’t just go straight through 200 weekly MA; it usually does a fake out or bounce from it before actually going below it. Not to mention, many exchanged froze during the dip, Bitmex went offline at the price 3,600, so those that got greedy and were trying to short right to the bottom got humiliated.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.