Sign Up on MEXCWhat’s Causing Bitcoin Price Crash Today?
Highlights
- Bitcoin's price dropped 2.50% to $67,402 after rallying nearly 1% over the weekend.
- A bearish swing failure pattern has formed, hinting at a potential reversal, following the failed bullish momentum.
- Bitcoin may retrace to critical support levels despite a long-term bullish outlook.
During Monday’s U.S. market session, the Bitcoin price plunged 2.65% to trade at $67,213. Consecutively, the market cap plunged to $1.33 Trillion. This pullback comes after a significant recovery last week, where BTC surged from $60,000 to $69,000. Can relief reversal recuperate the bullish momentum, or is the seller preparing for a major downfall?
Why is Bitcoin Price Down Today?
The BTC price today crashed by 2.50%, which can be attributed to the start of the week correction. Typically, Mondays are down days and price tends to correct and find support on Tuesday or Wednesday before it continues the dominant trend.
Will the trend remain bullish after this correction? Or has the Bitcoin uptrend reached its end?
Is Bitcoin Uptrend Finished?
Yes, the Bitcoin uptrend could be coming to an end, at least for a short time and investors must expect a steep double-digit correction.
Here are two reasons why a short-term retracement is likely.
Considering Bitcoin’s price action over the past seven months, local tops were formed around the $70,000 psychological level. This is the first reason.
The second and most crucial reason that investors need to be aware of is how the weekend rally could have set up a trap for greedy bulls. The 1.55% upswing over Saturday and Sunday pushed past the October 18 swing high of $69,049. But the bullish momentum failed to support the uptrend, creating a bearish swing failure pattern. This technical formation is observed for the first time since October 10 and as a result, Bitcoin price prediction hints at a potential reversal.
What’s Next for BTC Price?
While the long-term outlook remains bullish, this correction could see Bitcoin retrace to these critical support levels.
- $65,500 to $65,800 – a zone containing buy-side imbalances.
- $64,762 to $63,269 – the daily buy-side imbalance.
- $64,165 – this is the highest volume traded level for the past seven months.
Frequently Asked Questions (FAQs)
1. Why is Bitcoin's price down today?
2. Will Bitcoin's uptrend continue after this correction?
3. What are the key support levels for Bitcoin during this correction?
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
