Reasons for Bitcoin Price Crash 

Firstly, Bitcoin encountered technical resistance. Last week, BTC, which surpassed the high of $105,663, succumbed to heavy selling pressure. This led to a 4.23% price drop. CoinGlass data shows that $84.68 million of liquidations came from short positions, with $50.96 million from shorts. Additionally, Bitcoin’s volatility is at a 10-month low, making investors cautious. A bearish engulfing candlestick erased Sunday’s 3.23% gain. The critical support level stands out at $101,000. The volatility being at a 10-month low is keeping investors cautious. 

QCP Capital believes digital assets have more room for recovery. The expectation is particularly strengthened by Coinbase’s inclusion in the S&P 500 on May 19. Swissblock analysts observed that Bitcoin collected liquidity above the $104,000-$106,000 resistance range but failed to break out of this zone. Swissblock expects a decline if the price fails to hold the $101,500-$102,500 range. Based on historical on-chain volume and transaction data, analysts identify the $97,000-$98,500 range as a significant downside target. 

Altcoin Decline and Future Expectations 

Altcoins show high correlation with Bitcoin. Therefore, BTC’s crash hit ETH, XRP, and DOGE. Ethereum lost 8.76%, XRP 5.31%, and DOGE 9.11% in the last 13 hours. However, the overall outlook remains bullish. Bitcoin targets of $118,000 and $135,000 seem feasible. As a result, the $100,300 to $99,800 range should be watched as a support zone. Investors expect a slowdown in these levels. 

**NOT INVESTMENT ADVICE** 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Why are Bitcoin, ETH, XRP, and DOGE Dropping Today? appeared first on Coin Engineer.

According to Swissblock, Bitcoin‘s rapid rise could be considered an indication of a pause, suggesting the possibility of a drop as low as $58,000. The price of Bitcoin has nearly doubled since late January, reaching all-time highs, and has been quickly devoured by buyers on those dips.

However, Swissblock analysts noted an alarming divergence between Bitcoin price and the relative strength index (RSI), suggesting that a correction is imminent. In a recent Telegram update, they wrote, “Nothing goes up in a straight line, not even BTC. A pullback seems imminent,” it said.

Swissblock’s warning is based on technical analysis, with a negative bearish divergence in the RSI on the 4-hour chart showing signs of weakening momentum as the Bitcoin price continues to rise. This suggests that a cooling period may be necessary for the cryptocurrency to sustain its uptrend. According to Swissblock analyst Henrik Zeberg, the pullback could take place in the next few days. However, despite the short-term correction, analysts remain optimistic about Bitcoin’s long-term prospects.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Swissblock Expects a Correction in Bitcoin appeared first on Coin Engineer.

You might like: Yuga Labs Acquired Proof!

Bitcoin’s recent bullish run faces a critical hurdle at $52,000. This resistance level previously stalled rallies in 2021 and could trigger a pullback, according to Swissblock. They view this potential dip as a “necessary” cooldown after weeks of rapid gains.

Fear Not, the Bulls Are Still Charging (Bitcoin)

Despite the pullback warning, the overall outlook remains bullish. Swissblock suggests any correction above $47,500 represents a buying opportunity. FalconX echoes this sentiment, emphasizing the strong trading volumes supporting the uptrend.

Eyes on the Prize: $57,500 and Beyond

10x Research analyst Markus Thielen sets his sights even higher, targeting $57,500. He cites robust liquidity and growing demand for Bitcoin futures as key drivers for this potential surge.

While a short-term pullback may be on the horizon, long-term optimism prevails. Bitcoin’s underlying strength and growing institutional interest suggest higher prices await, making any potential dips attractive entry points for savvy investors. So, fasten your seatbelts and prepare for a potentially volatile, but ultimately rewarding, journey in the Bitcoin market.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Bitcoin Battles $52k Resistance: Pullback Before Glory? appeared first on Coin Engineer.