For the first time in months, the price of Bitcoin has finally reached $25,000, but it is now at risk of a major correction.
Since early August, prices have looked more likely to head north, as market risk appetite has strengthened on the back of lower US inflation data.
Most crypto markets responded to Bitcoin’s price action by moving higher as well, gaining on a percentage basis, even higher than BTC.
Price increase altcoin Majors like Ether (ETH) and Binance Coin (BNB) are also looking better, signaling the decline of Bitcoin’s dominance in the crypto market.
The price of bitcoin is threatened with a major correction
Based on the report Cointelegraphthe price of major cryptocurrencies has jumped to level $25,000, but traders still seem reluctant to take additional risks to increase their profits.
Looking at the BTC price action on the chart above, the price closed the candle quickly bullish earlier with a stronger selloff after touching level 25,000 US dollars.
Some analysts also discussed level which is expected to form a pattern double top, which means that the price will be heavily corrected.
According to the popular Twitter account “Il Capo of Crypto,” level BTC’s recent highs seem to be the last piece of the puzzle before the push bearish return.
“We can see foot the second at $25,400-25,500, but the peak of the market’s rise bearish it is very close. Most altcoin reach resistance major,” he said.
Additionally, there is another prominent analyst, “Crypto Tony,” who also sees BTC turning away from resistanceamounted to USD 24,500, in order to get another opportunity to buy at a lower price.
I look for that high range in support before looking for long legends 💯 pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) August 14, 2022
On the other hand, popular analyst “Dave the Wave” still sees an opportunity to continue bullish using technical approaches and indicators MACD.
According to Dave, there is a lot of upward pressure resistance levelwhere the price will jump from the position oversold and become bullish.
In Dave’s analysis on the chart above, the price mapping is still in the buy zone, so it’s too early to tell bearish will dominate again.
However, how global sentiment remains will play a large role in the outlook for the crypto asset trend. Because investors still measure their risk appetite according to each central bank policy. [st]