2024

Bitcoin

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 <p class="paragraph">So far, 2024 has been a strong year for Bitcoin (BTC). While one of the earliest positive developments for the cryptocurrency – the approval of a series of U.S.’ first-ever spot BTC exchange-traded funds (ETFs) – led to a brief but significant crypto market downturn, the recovery in the second half of January and February has been nothing short of staggering.</p>
 <p class="paragraph">Bitcoin particularly found itself at the center of attention after it entered into a major and ongoing surge on February 26 which, by February 29, saw it rise above $60,000 for the first time since 2021.</p>
 <p class="paragraph">The momentum couldn’t be stopped even by a flash crash to $58,700 as the cryptocurrency exchange Coinbase (NASDAQ: COIN) buckled under pressure stemming from a surge of public interest in Bitcoin on February 28.</p>
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    <p lang="en" dir="ltr">This is absolutely insane:<br><br>The Coinbase, $COIN, crash just erased $100 BILLION of market cap in #Bitcoin in 15 minutes.<br><br>Between 12:15 PM ET and 12:30 PM ET, Bitcoin fell from $64,000 to $59,000.<br><br>This was a near 9% swing in 15 minutes right as many Coinbase users began showing… pic.twitter.com/fUcRusrddX</p>— The Kobeissi Letter (@KobeissiLetter) February 28, 2024
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 <p class="paragraph">Ethereum (ETH) has also been offering a significant rise and is, at the time of publication, reaching for a key resistance area of $3,500, and meme coins have also been seeing noteworthy price action as Dogecoin (DOGE), for example, surged approximately 30% in the last 24 hours.</p>
 <p class="paragraph">Still, such a rapid surge has some investors worried that a massive correction might be inbound, and one technical analysis (TA) tool in particular hints that such an event might be imminent for the flagship digital asset.</p>
 <h2 class="wp-block-heading" id="h-td-sequential-issues-btc-sell-signal">TD Sequential issues BTC sell signal</h2>
 <p class="paragraph">Early on Thursday, February 29, prominent crypto analyst Ali Martinez took to X to warn that TD Sequential – a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> tool designed in 1994 by Tom DeMark and intended to identify possible trend reversals using the existing chart patterns – has flashed a strong sell signal on Bitcoin’s 4-hour chart.</p>
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    <p lang="en" dir="ltr">The TD Sequential flashes a sell signal on the #Bitcoin 4-hour chart!<br><br>Since Feb 15, every sell signal from this <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a> has been spot-on, leading to $BTC price <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a>s between 1.50% and 4.20%. This is a pattern worth noting for traders eyeing short-term movements! pic.twitter.com/TQhSG78WF3</p>— Ali (@ali_charts) February 29, 2024
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 <p class="paragraph">Martinez also explained that so far, TD Sequential has been accurate in predicting BTC <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a>s and that each of the sell signals it has issued since February 15 has not only been accurate but also led to a <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> ranging in magnitude from 1.50% to 4.20%.</p>
 <p class="paragraph">While there is no clear indication of how major Bitcoin’s next likely correction could be, Martinez previously stated that the coin has a strong support level between approximately $54,000 and $56,000, with almost 1 million addresses buying BTC at those prices.</p>
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    <p lang="en" dir="ltr">There is literally no resistance ahead of #Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 $BTC. pic.twitter.com/ZMeVkWyS4A</p>— Ali (@ali_charts) February 28, 2024
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 <h2 class="wp-block-heading" id="h-bitcoin-price-chart">Bitcoin price chart</h2>
 <p class="paragraph">While Bitcoin might be in for a significant <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> in the near future, its recent performance has been particularly strong, with the cryptocurrency surging as much as 21.92% in the last 7 days of trading from just above $51,000 to its press time price of $62,596.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/ov-njHjnWrVT6irYLCAY8WQcwbGRqonKaial7hMkl75U2_9peHShS4kCBL_4DjveKp6YGHivJO66lRPc_BuUQ88mwfq4yKL8f9aeqWMP7TZA5nKBds_kXsJxvsrQzF_voY6irOqzKvVEO-XwFtHY5xM" alt>
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   BTC 7-day price chart. Source: Finbold
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 <p class="paragraph">Additionally, the uptrend is seemingly ongoing as the latest 24 hours saw BTC rise another 3.41%.</p>
 <p class="paragraph">Bitcoin has been showing significant strength in the long-term as well and is as much as 165.46% in the green in the last 52 weeks – with its performance from the start of Q3 2023 accounting for much of this rise – and is 42.01% up year-to-date (YTD).</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-sell-off-alert-reliable-indicator-warns-of-imminent-correction-tbt81182.html">https://thebittimes.com/bitcoin-sell-off-alert-reliable-indicator-warns-of-imminent-correction-tbt81182.html</a></p>

Bitcoin sell-off alert: reliable indicator warns of imminent correction

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TheBitTimes

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