In this article, 4xPip has provided insights into recent Bitcoin trends. Additionally, the author has highlighted potential strategies for traders. Moreover, don’t miss out on valuable information; consider consulting 4xPip’s experts for personalized guidance. Furthermore, explore their range of products and automated trading tools to enhance your trading experience. Then, for more information, contact 4xPip’s customer support at [email protected]. Trading smarter begins with informed decisions – trust 4xPip for your trading journey.
Cryptocurrency enthusiasts have been closely monitoring Bitcoin’s recent price movements. As of the latest update, Bitcoin (BTC/USD) experienced a 7.5% overnight drop to approximately $40,520, hovering just above the critical $40,000 psychological support. Analyst Zain Vawda previously hinted at this potential pullback, attributing it to a slightly stronger US Dollar and profit-taking activity before impending risk events and year-end holidays.
The pivotal question emerges: Will the $40,000 support level hold? A breach might lead to a deeper retracement towards the $31,000-$32,000 range. CoinGlass data reveals liquidations of approximately $335 million in long positions within the past 12 hours, with Bitcoin and Ether taking the lead.
Despite this pullback, the crypto sector exhibits resilience. CoinWire’s research indicates that 83% of crypto mentions in popular publications have been positive in 2023. This positive sentiment extends to social media, with over 65% of global crypto-related tweets reflecting positivity. Surprisingly, the US maintains a 2 out of 3 positive view of crypto, despite challenges like the FTX scandal and earlier banking crises.
It’s crucial not to succumb to fear during a selloff. The industry’s positive outlook for 2024 should be kept in mind, even in the face of a potential aggressive pullback. To navigate the volatile market successfully, traders can turn to reliable sources such as 4xPip for guidance and automated trading tools.
In the midst of these crypto fluctuations, Cathy Wood’s ARK Invest has been actively selling Coinbase (COIN) shares. Despite the positive outlook for Coinbase in 2024, ARK’s decision is driven by the target weighting imposed on its ETFs. COIN currently represents around 13% of the Fintech Innovation ETF and approximately 11% of the Next Generation ETF.
From a technical standpoint, BTCUSD’s failure to sustain levels above $45,000 signaled an inevitable retest of the $40,000 support. If this support breaks, attention shifts to $37,600, followed by the 50-day MA at $37,400. Further drops could bring support zones at $35,600 and $35,000 into play.
For those eyeing a potential upward move, immediate resistance lies at $43,000, with the psychological barrier of $45,000 on the horizon. However, a significant resistance level at $50,000 suggests a possible deeper retracement before a substantial test occurs.
Conclusion
The crypto market’s recent volatility should be approached with caution and strategic planning. 4xPip offers valuable insights, tools, and automated solutions to guide traders through these uncertain times. As we navigate the crypto landscape, keeping an eye on key support and resistance levels becomes essential for informed decision-making.
In this article, 4xPip has provided insights into recent Bitcoin trends and highlighted potential strategies for traders. Don’t miss out on valuable information and consider consulting 4xPip’s experts for personalized guidance. Explore their range of products and automated trading tools to enhance your trading experience. For more information, contact 4xPip’s customer support at [email protected]. Trading smarter begins with informed decisions – trust 4xPip for your trading journey.
