A retracement of Bitcoin Has Negatively Impacted The Crypto Market

[Lee Dynamo]

BitcoinBTC price failed to hold the $24,000 resistance.
BitcoinBTC price started trading below an ascending trend line.

BitcoinBTC again declined towards the $24,000 resistance to show that the bears have not left the market just yet. The crypto market may be affected by the retracement phase as this market dominator-Bitcoin slips below the next important support levels.

BitcoinBTC price appears under high volatility as its marking also moves up and down on a daily basis. Bears have pared the overall gains of Jan 29, and this could lead to further effective selling if a monthly close below $23K.

https://www.tradingview.com/x/mYJrr277/

The hourly chart is showing short-term selling as bitcoin price reached the 0.382 level of the Fibonacci retracement level (at $22,930). Notably, this retracement pulled it below the ascending trendline and the price action flipped the buy on dip strategy. Going forward, buyers may see a drop in bitcoin price at this rising hurdle.

Although the trading volume decreased slightly, there is still a large number of buyers and sellers. Retail traders used to trade aggressively in the intraday trading session. As of now, there is no need to fear as the buyers have an important protection level at $23,300 if this lower momentum continues further.

As mentioned in the previous article $24000 level was an important resistance for the buyers so they will have to cross this mark soon to reach $25K in the first week of February. The upcoming bounce back may increase the confidence of the buyers to maintain the bullish zone.

Closing Thoughts

Bitcoin speculators should wait for the monthly price close to create another open position. At this crucial level, the retracement phase is also a major concern and if bitcoin rebounds and sustains above $24K, the price is likely to reach $25K soon.

[The Cryptovator]

Yes, the current selling pressure is greater than the buying pressure. It's because Bitcoin has never fallen too far when it started growing this month. The fear among traders is that Bitcoin will take a step back and decline. So begin selling once it reaches $24,000. After the growing, this isn't a very emerge, though. Investors' minds would be bullish and push in that direction if Bitcoin exceeded $25,000. Short-term movement is rather positive, but it's too early to declare a bull run.

[crwth]

Thanks for sharing your insight. We are still in a range where it would only move a little if a catalyst affects the market or something. Knowing this information would help the speculators, but it's crucial once to open a position earlier to maximize the market's opportunity. Still, it's always going to be a risk for sure.

I would have a buy limit position around $25k because it might continue going higher if it went there.

[Fivestar4everMVP]

Well, the current price of Bitcoin as i type right now is $22,882, and it seems to still be going down, though i am not good, or better put, i don't know how to read charts but from the look of things, chances that we might see the price of bitcoin around $21,000 again is quite high, as it seems to be a free fall currently, and this have affected the entire crypto market..
The only times we do experience this kind of price fall is when there is any negative happenings in this crypto space, so this actually makes me wonder if anything has happened that we are yet to know about.

[Zilon]

Closing Thoughts
Bitcoin speculators should wait for the monthly price close to create another open position. At this crucial level, the retracement phase is also a major concern and if bitcoin rebounds and sustains above $24K, the price is likely to reach $25K soon.

The monthly Price close will help decide where to place the next buy order and if  it eventually hits $25k then a new resistance will automatically activate. The retracement is needed to keep the wave of the trend in check so price don't just move too fast and high as what happened in 2021 that lead to the drastic fall of the crypto market.

[NeuroticFish]

Well, less than 1 month ago we were at $16500. A correction was bound to happen.
The actual questions are "how low will this go" and "how long will it last?". Depending on these we'll know if the crypto winter has indeed ended or there was just a fake breakout.

[Edwardard]

Bitcoin speculators should wait for the monthly price close to create another position. At this crucial level, the retracement phase is also a major concern and if bitcoin rebounds and sustains above $24K, the price is likely to reach $25K soon.

On the monthly candles, the crucial level is 23.2k$ (not 24k). Just watch the 50SMA applied on bitstamp chart and you will know why. Its the first time we are below that for such a long time.

Well, less than 1 month ago we were at $16500. A correction was bound to happen.
The actual questions are "how low will this go" and "how long will it last?". Depending on these we'll know if the crypto winter has indeed ended or there was just a fake breakout.

2more days and we will have a more clear picture of the market (after fed rates decision) . Im sort of leaning bearish. Weekly death cross, monthly not so good (testing resistance), a little bad news can push us down hard to 19.8k support area next. Lets see.

[palle11]

Well, the current price of Bitcoin as i type right now is $22,882, and it seems to still be going down, though i am not good, or better put, i don't know how to read charts but from the look of things, chances that we might see the price of bitcoin around $21,000 again is quite high, as it seems to be a free fall currently, and this have affected the entire crypto market..
The only times we do experience this kind of price fall is when there is any negative happenings in this crypto space, so this actually makes me wonder if anything has happened that we are yet to know about.

Nothing has happened yet that we are to express panic for a collapse of price but know it that it is normal for the price of bitcoin to retrace after a while of steady bull run. The retracement will happen but nobody knows how far down it can pull the price. For instance for the past 24hours the price have been slowly dropping but considerably still holding strong for now.

[Osama Maaz]

Friend actually we are recovering from a high bearish mindset means some people selling bitcoins at pumps and therefore there small dumps are part of a healthy market recovery but if we see big candles that goes below 20k which is a strong logical resistance then we need to control or emotions so see bullrun ,
But in my opinion this is not time of bulrun but i think there king of pumps and dumps are happens in this years before going to see multi x gains .