Warning: Bitcoin Correction Incoming if Key Level Not Breached

IconCryptoNewsTerminal Staff13 Jun, 2024

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Warning: Bitcoin Correction Incoming if Key Level Not Breached

Nicholas Merten, a renowned crypto market analyst, has warned that Bitcoin could be in for a major correction if it fails to break through a key resistance level. Merten explained that BTC has been facing strong resistance in the $71,500-$72,500 range, indicating significant overhead supply and the likelihood of a potential correction. Merten's analysis underscores the importance of resistance levels in Bitcoin's price movements. Resistance levels occur when the price of an asset repeatedly fails to surpass a specific point, suggesting the presence of selling pressure. When resistance levels hold, they can trigger price corrections as traders liquidate their positions to avoid further losses. Traders and investors should closely monitor Bitcoin's price action around the $71,500-$72,500 resistance zone. A failure to break through this level could result in a significant correction, potentially offering entry points for buyers looking to capitalize on price dips.

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