{"id":606434,"date":"2024-05-03T20:00:42","date_gmt":"2024-05-03T20:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=606434"},"modified":"2024-06-11T07:29:59","modified_gmt":"2024-06-11T07:29:59","slug":"bitcoin-bottom-in-retracement-from-73800-is-deeper-and-took-longer-to-form","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bottom-in-retracement-from-73800-is-deeper-and-took-longer-to-form\/","title":{"rendered":"Bitcoin Bottom  In? Retracement From $73,800 Is Deeper And Took Longer To Form"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a post on X, one analyst\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/rektcapital\/status\/16733026\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">thinks<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in mid-March through to the better part of April.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">\u00a0Bitcoin Retracement Is Deeper And Took Longer: Bottom In?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Expressing confidence, the analyst cited a historical pattern. Based on a price action assessment in the weekly chart, the analyst notes that whenever Bitcoin posts a deep retracement, there is usually a higher probability of the coin bottoming up and shaking off weakness. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-update-120-million-futures-liquidated-as-price-takes-a-beating\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">At the same time, prices tend to recover after a retracement that takes longer than expected.\u00a0<\/span><\/p>\n<figure style=\"width: 1794px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"css-9pa8cd\" src=\"https:\/\/pbs.twimg.com\/media\/GMpn27jXAAAq3jg?format=jpg&amp;name=large\" alt=\"BTC retracements over time | Source: Analyst on X\" width=\"1794\" height=\"1266\"><figcaption class=\"wp-caption-text\">BTC retracements over time | Source: Analyst on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Building on their historical pattern observation, the analyst applied it to the current BTC situation. The trader said up to the current level, the retracement from an all-time high is deeper and also took longer than usual, spanning several weeks. As a result, the analyst projected a high likelihood that Bitcoin prices might have found a bottom.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While confidence abounds, it is still challenging to pick bottoms. Bitcoin and crypto assets are volatile, with prices moving quickly in either direction. At spot rates, Bitcoin is trading above $60,000, reversing losses of May 1. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even though this might cement the analyst&#8217;s position, BTC remains within a bear breakout formation, defined by the wide-ranging, high-volume bear bar of April 30.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/2EtmUfkh\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/2EtmUfkh\/\" alt=\"Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/2EtmUfkh\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Moreover, the coin is still boxed away from the April trade range, suggesting that weakness remains. Should there be a conclusive close above $62,000, the trend will likely shift in favor of bulls, reversing the losses of April 30. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/why-this-crypto-bull-run-might-not-live-up-to-the-past\/\" target=\"_blank\" rel=\"noopener \">Why This Crypto Bull Run Might Not Live Up To The Past: Analyst<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Before then, aggressive traders might be unloading at higher prices, aligning with the current bearish formation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Market Forces Will Shape BTC Prices<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the bearish outlook, most analysts are bullish, expecting a sharp price recovery. One of them\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/92097117\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">took<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to X, suggesting that buyers will likely take charge if prices recover from spot rates and return to the horizontal range of March to April.<\/span><\/p>\n<figure style=\"width: 1411px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"css-9pa8cd\" src=\"https:\/\/pbs.twimg.com\/media\/GMkx1xna4AARzR3?format=jpg&amp;name=large\" alt=\"BTC must move back to range for uptrend continuation | Source: Analyst on X\" width=\"1411\" height=\"787\"><figcaption class=\"wp-caption-text\">BTC must move back to the range for uptrend continuation | Source: Peter Brandt on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The pace and direction at which prices move\u00a0<\/span><span data-preserver-spaces=\"true\">going<\/span><span data-preserver-spaces=\"true\">\u00a0forward lean on market factors. So far, spot Bitcoin exchange-traded fund (ETF) issuers are decreasing their holdings. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the same time, the United States <a href=\"https:\/\/uniquehot.com\/news\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\/\" target=\"_blank\" rel=\"noopener \">Federal Reserve<\/a> is tracking inflation and other metrics as they tune monetary policy. <\/span><span data-preserver-spaces=\"true\">If inflation drops, the USD will likely strengthen, heaping more pressure on the world&#8217;s most valuable crypto.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. In a post on X, one analyst\u00a0thinks\u00a0Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in mid-March through to the better part of April. \u00a0Bitcoin Retracement Is Deeper And Took Longer: Bottom In? Expressing confidence, the analyst cited a historical pattern. Based on a price action assessment in the weekly chart, the analyst notes that whenever Bitcoin posts a deep retracement, there is usually a higher probability of the coin bottoming up and shaking off weakness. Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating At the same time, prices tend to recover after a retracement that takes longer than expected.\u00a0 Building on their historical pattern observation, the analyst applied it to the current BTC situation. The trader said up to the current level, the retracement from an all-time high is deeper and also took longer than usual, spanning several weeks. As a result, the analyst projected a high likelihood that Bitcoin prices might have found a bottom.\u00a0 While confidence abounds, it is still challenging to pick bottoms. Bitcoin and crypto assets are volatile, with prices moving quickly in either direction. At spot rates, Bitcoin is trading above $60,000, reversing losses of May 1. Even though this might cement the analyst&#8217;s position, BTC remains within a bear breakout formation, defined by the wide-ranging, high-volume bear bar of April 30. Moreover, the coin is still boxed away from the April trade range, suggesting that weakness remains. Should there be a conclusive close above $62,000, the trend will likely shift in favor of bulls, reversing the losses of April 30. Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst Before then, aggressive traders might be unloading at higher prices, aligning with the current bearish formation. Market Forces Will Shape BTC Prices Despite the bearish outlook, most analysts are bullish, expecting a sharp price recovery. One of them\u00a0took\u00a0to X, suggesting that buyers will likely take charge if prices recover from spot rates and return to the horizontal range of March to April. The pace and direction at which prices move\u00a0going\u00a0forward lean on market factors. So far, spot Bitcoin exchange-traded fund (ETF) issuers are decreasing their holdings. At the same time, the United States Federal Reserve is tracking inflation and other metrics as they tune monetary policy. If inflation drops, the USD will likely strengthen, heaping more pressure on the world&#8217;s most valuable crypto. Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":606226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,78790,7918,2438,89583],"class_list":["post-606434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-federal-reserve","tag-inflation","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form<\/title>\n<meta name=\"description\" content=\"Bitcoin correction took longer and was deeper. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bottom  In? 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