Bitcoin

The world’s biggest cryptocurrency, Bitcoin, is currently entering a consolidation zone after reaching a new all-time high of $69,080. Following this consolidation, it is observed that the key support level for Bitcoin stands near $66,112, marked by a massive volume of over 306,676 Bitcoin transactions, according to data from the on-chain analytics firm Glassnode. Will Bitcoin drop to $60,600? 
Additionally, if Bitcoin fails to trade above $66,112, there is a possibility that it will drop to the $60,600 level. This information is also corroborated by a prominent trader and analyst on X (previously Twitter).
The key support level for
In addition to the data from the on-chain analytics firm, expert technical analysis suggests that Bitcoin is consolidating in a tight range. However, when examining Bitcoin’s chart in a 4-hour time frame, it is observed that Bitcoin is forming a bullish inverted head and shoulder price action pattern. If Bitcoin breaks out of the inverted head and shoulder pattern, and the 4-hour Bitcoin candle closes above the $67,500 level, there is a possibility that we may see a new all-time high.
This ongoing consolidation and the potential breakout of the inverted head and shoulder pattern of Bitcoin have halted the overall cryptocurrency market. The recent market fall on March 5, 2024, is considered necessary for the <a href="https://news.todayq.com/analysts-bullish-after-market-correction-heres-why/" rel="noopener noreferrer nofollow">upcoming bullish move</a>, as stated by the on-chain analytics firm CryptoQuant. Bitcoin to make a new all-time high 
Currently, Bitcoin is trading near $67,050, and in the last 24 hours, it experienced a slight upside momentum. Looking at the performance of Bitcoin over a longer period, in the last 7 days, Bitcoin’s price has surged over 7%, while in the last 30 days, it has experienced a massive 55% upside momentum.
In this ongoing consolidation, the 24-hour trading volume has also dropped by over 46% and currently stands near $54.9 billion, whereas the market cap of Bitcoin is over $1.3 trillion.
Apart from Bitcoin, all top cryptocurrencies like Ethereum, BNB, XRP, and others are also facing a price correction. However, all these price corrections take place just after a continuous bullish momentum. Currently, as the majority of top cryptocurrencies are struggling to gain momentum amid this, Solana’s SOL has experienced a massive price surge of over 9.5%.
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Bitcoin will drop to $60,600 if this happens, analyst suggests

Todayq News

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