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7 December 2023
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How Ethereum’s Recent Split Affected Users?

When will the long-term correction of Bitcoin (BTC) begin?


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Cover image via www.tradingview.com

The bearish mood has come back to the cryptocurrency market as almost all Top 10 coins are in the red zone. Bitcoin (BTC) and Litecoin (LTC) are the only gainers from the list.

Top 10 coins by CoinMarketCapTop 10 coins by CoinMarketCapMeanwhile, the market capitalization has increased by around $3 billion over the last day.

Cryptocurrency market capitalizationCryptocurrency market capitalization

The relevant Bitcoin data is looking the following way:


  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $463,034,368,092

  • Price: $24,942.49

  • Volume (24h): $42,016,224,631

  • Change (24h): 1.90%

The data is relevant at press time.

BTC/USD: Can bulls fix above from the first attempt?

Bitcoin (BTC) keeps setting new all-time highs almost every day. Bulls only needed a few days to get to $25,000.

BTC/USD chart by TradingViewBTC/USD chart by TradingViewOn the hourly chart, Bitcoin (BTC) has made a false breakout of the $25,000 mark. However, buyers are keeping the pressure on, which means that there is a high chance of seeing a fixation above $25,000.

BTC/USD chart by TradingViewBTC/USD chart by TradingViewOn the bigger time frame, a retest of the closest support at around $24,300 may occur. The low liquidity at the current levels might be a signal for a further correction.

BTC/USD chart by TradingViewBTC/USD chart by TradingViewOn the daily chart, the chief crypto is already located in the overbought area, which means that a correction might occur soon. The declining buying trading volume implies a potential drop.

If Bitcoin (BTC) cannot fix above $25,000, the support at $23,800 may be tested by the end of the year.

Bitcoin is trading at $25,127 at press time.

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