Back to the list

Bitcoin Faces Major Correction Amid Stock Market Highs and Federal Reserve Speculation

source-logo  coinedition.com 12 June 2024 22:28, UTC

The crypto market is currently experiencing volatility and related events, where Bitcoin plays a dominant role, as stated by a top cryptocurrency analyst in a recent YouTube video. The video presents possibilities of a reversal of the existing trend within the markets, whereby Bitcoin remains stagnant in its attempt to hit new highs as the stock market soars to new levels.

According to the analyst, key support levels for Bitcoin include $66,000, $65,000, $63,000, and $60,000. A drop below these levels would signal further bearishness, urging traders to exercise caution. Bitcoin’s price currently sits at $67,344.31, down 0.47% in the past day and 5.16% over the past week.

The analyst also advises the need to be careful if the price of Bitcoin surges and then drops below these support levels as this is a negative signal. This sentiment is especially important given that the next FOMC meeting could bring significant market fluctuations. To manage these volatile shifts, traders are encouraged to stay informed and understand the nuances of the range trading.

Solana (SOL) also drew attention in the video. The price of solana is currently $151.17, down -1.82% over the last day and -12.82% for the previous seven days. This necessitates the need to exercise caution and DYOR before investing.

The video also provides trading guidance for other cryptocurrencies including Sui, Zeta, and Avax. The analyst stresses how crucial it is to be ready to make trades based on changes in pricing. Furthermore, viewers are urged to use sites like Whale School and Whale Room, which provide in-depth tactics and insights, to improve their education on bitcoin trading.

To navigate this volatile period for Bitcoin and other cryptocurrencies, traders are advised to remain vigilant and adapt to changing market conditions. The potential for price fluctuations necessitates a calculated approach to mitigate risks and capitalize on market opportunities.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.