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Bitcoin Today 12/23/2024: Deep correction erases BTC gains
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To the Bitcoin losses deepened this Monday (23), with the price of the largest cryptocurrency on the market falling 1.4% in the last 24 hours. This strong correction – which exceeds 8% in the last week – led the asset to reach a mintraday minimum of US$93,810 during Monday morning in Asian trading.
However, the price of Bitcoin managed to recover some of the losses and, at the time of writing, is priced around US$96,000according to data from CoinGecko.
As Bitcoin faces turbulence, altcoins follow the same path. THE Ethereum (ETH)for example, operates at a daily low of 1.5% and is costing US$3,332. Likewise, the Solana (SUN) fell 1.4% to around US$183. XRP records the biggest daily drop in the Top 10, with a drop of 2.9%. On the other hand, the BNB It is the only digital asset among the largest to register an increase this Monday (23): 0.7%.
Closing the 10 largest cryptocurrencies by market value, we have: Dogecoin (-2.1%) and Cardano (-2.0%). The stablecoins USDT and USDC operate in stability.
Bitcoin Price Analysis
Analyzing the weekly behavior, the Bitcoin chart formed a pattern of “bearish engulfment”according to the crypto analyst known as “Rekt Capital”. He stated on his X account that all increases accumulated over the last month have been erased by the corrective movement.
Furthermore, the analyst highlighted in another publication that, historically, the eighth week in price discovery cycles is often marked by significant corrections.
Comparing with 2017, the analyst noted that the ninth week also showed falls, although of lesser intensity. “Normally, after overcoming corrective weeks 7 and 8, Bitcoin approaches a bottom so, then, resume the rise,” he concluded.
The recent fall in the asset represents the worst weekly performance since the impact of Donald Trump’s victory in the United States presidential elections in November, although Trump was supportive of the cryptocurrency sector.
This recent price pullback was fueled by Federal Reserve’s (Fed) aggressive rate cut decision from the US on Wednesday, which was followed by the largest single-day outflow ($671.90) from Bitcoin ETFs. Still, the price of Bitcoin remains 40% above the value recorded during the period of Trump’s victory.
For analyst Manish Chhetri, Bitcoin’s technical outlook suggests that the correction should continueaiming at the level of $90,000.
Bitcoin Today 12/23/2024: Deep correction erases BTC gains
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Bitcoin Today 12/23/2024: Deep correction erases BTC gains
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Bitcoin Today 12/23/2024: Deep correction erases BTC gains
