What’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?
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