March 29, 2024

Bitcoin may start correction along with shares

Bitcoin may start correction along with shares

The price of bitcoin may rebound on the back of a fall in shares after a six-week rally.

StockThe US market has begun to correct as the second wave of the pandemic gains momentum. At this time, the price of BTC rolled back to $18,800 and cannot break through the resistance at $19,500.

Since October 30, the Dow Jones Industrial Average has risenby 13.46%, and the S&P by 13%. Some technical indicators are signaling that the market is overheated, which could lead to a correction in the price of assets like Bitcoin in the short term.

Bitcoin may start correction along with shares

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BTC/USDT Daily Chart

Bitcoin Technical Indicators

Market analysis shows that Bitcoin is currently at a key level that candetermine short-term price movements.

Many analysts point to $19,500 &#8211; $19,600 as the most important resistance levels for the near future. If the price consolidates above these levels, the rally may continue above $20,000.

If the bears manage to push the price, traders expect a drop to $14,000 &#8211; $18,000.&nbsp;

JPMorgan believe in bitcoin rally

And while opinions on the future of Bitcoin differ, JPMorgan analysts say we are still in the middle of a bullish trend.In their words:

Any correction in the near future will be a possibility of buying, because in our opinion, we are only in the middle of a bullish trend.

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Based on materialscointelegraph.com