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Bitcoin price is experiencing heightened levels of volatility on Tuesday. Since last weekend, the BTC price has been trading sideways while facing resistance to breaching the $70k barrier. After multiple failed breakout attempts, the price took a bearish turn and fell 2.16% on Wednesday. Ethereum and Solana prices also tumbled at first but recovered quickly to turn the daily candle green.
The correction in BTC price could be attributed to the movement of massive chuck of Bitcoin by Mt. Gox, a crypto exchange that was hacked and eventually shut down in 2014. As per the latest reports, the bankrupt exchange has transferred 107,000 Bitcoin in the last 24 hours, which are equivalent to $9 billion.
As the news of the Mt. Gox transfer came out, BTC/USD started to drop. This was because the troubled exchange is set to pay this Bitcoin to the users who held these Bitcoins on the platform before it went bust. Therefore, many market participants expect a sell-off once Bitcoin is distributed.
In the daily timeframe, Bitcoin broke the bearish trend by forming a higher high. This suggests that the ongoing pullback could be a buying opportunity. There is also a strong possibility of a deeper correction till $63,700 or $60,750 support zones where buyers are expected to step in.
Despite the recent approval of spot ETH ETF, Ethereum has still been unable to break above the $4,000 level. One of the reasons could be the overhang of the possible outflows from Greyscale’s Ethereum ETF once it goes live. Nevertheless, Ethereum price prediction will remain bullish as long as bulls hold the $3,500 level.
On Tuesday, Soana price is up 0.46%. The smart contract asset is showing strength against Bitcoin as the latter hovers at fresh weekly lows. However, the $172 level is currently acting as a resistance and needs to be cleared to unlock a huge upside. If this breakout occurs, the next target for SOL crypto could be as high as $193. In the event of a pullback, the $166 support level needs to be watched.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
