Bitcoin

Momentum

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<p>Bitcoin, the leading cryptocurrency, <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">retraced</a> steps from its 18-month peak, stirring a mix of cautious optimism and market skepticism.&nbsp;</p>
<p>The digital currency, which had seen a substantial uptick in the past months and a crescendo above $38,400, experienced a slight pullback, sparking debates on the future trajectory of its value.&nbsp;</p>
<p>According to technical <a href="https://pbs.twimg.com/media/F_8krP8XcAAzWl7?format=jpg&amp;name=large" rel="noopener noreferrer nofollow">analysis</a> from seasoned trader Scott Redler, Bitcoin has failed to gain a footing above the key resistance level at $38,000. CoinGecko data shows that Bitcoin is currently trading at $37,041.&nbsp;</p>
<h2 id="momentum-meets-resistance">Momentum meets resistance</h2>
<p>Bitcoin's ascent to over <a href="https://u.today/bitcoin-might-surge-to-38000-top-trader-says" rel="noopener noreferrer nofollow">$38,000</a> was a headline-making event that was marked by investor enthusiasm and positive market sentiment.&nbsp;</p>
<p>However, as Redler's analysis suggests, this peak proved difficult to sustain. Despite the recent drop, the underlying momentum hasn't waned entirely.&nbsp;</p>
<p>Market analysts point to the significant volume of trade and a steady hold above the $30,000 mark as indicators that Bitcoin is not yet ready to surrender its gains.&nbsp;</p>
<h2 id="the-critical-support">The critical support&nbsp;</h2>
<p>According to Redler, traders should stick to strategic planning. Active traders are advised to consider adjusting their stop to $34,900 to manage risks in this volatile market.&nbsp;</p>
<p>The current pattern suggests a series of support and resistance levels that have been tested over time, with $28,100 emerging as a critical support in the recent rally.</p>

Top Trader Weighs In on Bitcoin (BTC) Price Downturn

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