Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bloodshed-in-satoshis-street-bitcoin-price-plunged-below-68000-whats-next/" rel="noopener noreferrer nofollow">BloodShed in Satoshi’s Street: Bitcoin Price Plunged Below $68,000: What’s Next?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amid the possibility of Bitcoin breaking above $75,000 this weekend, a major sell-off caused the price to plunge by more than 8%. Recently, the bulls have been displaying enough strength, due to which the market participants were very optimistic about the upcoming trend. This has caused a steep rise in funding rates, which may have caused a brief pullback, flushing out a lot of long leverage.&nbsp;
While some fell into the FUD trap, it appears that the BTC bull run is not over yet and the bulls are still in control. Corrections are always necessary for a healthy uptrend and importantly, halving is fast approaching soon after the correction, which may offer a major blow to the crypto space. Therefore, $100K may remain the higher target for the ongoing uptrend but the price in the short term is expected to consolidate under $74,000 for some more time.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/vdz6cBD4D_5toQGXv5x8fi87h6VYmCpGu86T7jLFJS1iWMZwq1CY3GPUGQ8Uc2Gbj7IE9NqPCl-ekwG3s4HNMifkMaJd6GBW0s8CqUlDMRyUlIX4ym0RtD8yoOevLy4u6Xx4TFV1fyLnhbQJThyALaU" alt="">
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The liquidation heatmap from Coinglass suggests the bears have capitulated the area around $74,000, as there could be a bunch of shorts squeezing the profits here. Besides, a lot of supply appears to be available to scoop up the liquidating longs at $66,000, which could be one of the strongest supports at the moment. Hence, it can be concluded that the price may hover within the range until a major breakout appears on either side, which could be initiated by a strong volume accordingly.&nbsp;
What’s next for the BTC price?
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/NtnabDglaMc5M926fnB4hVR81b8EzlNbYib1K7L8BnpIhzTB5Ect_zZUNMFuqoe06GvBW8UgS5YpiRQfERmrAyUBSOmfiU2F81AidjX461u0MQ-wVP4gyxTTIk6UuZKDF1g4SyoEXHOXtC78FlBaH5Q" alt="">
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The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> was trading within a rising wedge in the short term and hence a minor pullback was expected after reaching the apex. As a result, the price broke down from the lower support and is trying hard to trigger a healthy rebound. However, the selling volume doesn’t appear to have settled a bit, which suggests the bearish trend could continue. This could lead the price to test $65,000 but if bulls fail to hold, a steep descending trend could drag the token towards the local support at $63,000.&nbsp;
On the contrary, if the bulls are successful in initiating a rebound above $67,000, then the Bitcoin price is believed to range back above $70,000 but could again face a rejection just below $74,000. This pattern could be followed until the Bitcoin halving, beyond which a major change in market sentiments may be witnessed and the price may undergo a monumental shift accordingly.

BloodShed in Satoshi’s Street: Bitcoin Price Plunged Below $68,000: What’s Next?

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