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Is a Bitcoin Retracement on the Horizon?

Bitcoinis going through a period of great uncertainty. After reaching its all-timehigh of around $64,000 in mid-April 2021, the price has quickly decreased and is now between $26,800 and $28,900. However, despite market volatility , there are some signs that could suggest how the price will move in the future.





BTC/USD: fundamental analysis with exchange PrimeXBT


According to our analysts, if Bitcoinwere to continue its rise, it could reach $32,000, but it would be in a situation of overextension. This move, in fact, would be a 65% increase (from the price of $19,000 to $32,000) and without clear retracements, could lead to a new price collapse.


On the other hand, if the price of Bitcoindoes not find sufficient support, the first important level would remain around $25,400, followed by $21,500. In any case, the latest trading volumes confirm these support zones and seem to suggest that a brief retracement and sideways movement could help make volumes more homogeneous.


However, technical analysis of trading volumes can help predict future price movements and identify support and resistance levels. In any case, investors are always encouraged to act with caution and make their own risk assessments based on their knowledge and skills.




To trade BTC some of our international community traders use the tools offered by PrimeXBT.


 


Step 1: Register at the following link

Step 2: Deposit a minimum of $100 into your margin account

Step 3: Take a screenshot as proof to verify your deposit

Step 4: Contact us to receive the code and activate the account immediately


The first 100 members will receive $25



 



PrimeXBT Trading Services LLC (the "PrimeXBT") is not authorized or regulated by the Financial Conduct Authority ("FCA") . Nothing on this website is intended to constitute marketing or promotion of PrimeXBT services. By using PrimeXBT services you acknowledge that:

- You are doing so on the basis of your own request, without solicitation or inducement from this site;

- Consumer protections under regulations do not apply to services provided by PrimeXBT because it is not regulated



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