Bitcoin Hits New Highs at $106,569: Is a Correction Looming?
Table of Content
- Bitcoin’s Recent Highs
- Current Market Sentiment
- Signs of a Bitcoin Correction
Bitcoin is trading at its new all-time highs, and BTC is currently trading at the $104,126 level. Over the past few days, Bitcoin has created new highs almost every day. Is this the right time to invest for retail traders? Let’s talk about it.
If you look at the chart you can see there is not much momentum in the market. Volume is also very low which means major players like institutional investors are not buying aggressively, so it will be a trap for retail investors.
What’s Next for the Crypto Market?
While writing these articles BTC was trading at $103,770, a slight correction was happening. Bitcoin might be correct a little more deeply, but the momentum has dried up, most probably we can see a strong correction.
If BTC faces a correction and closes below the $101,109 support level, it would extend the decline to retest its next support level at $90,000.
Other cryptos are also in a correction mood. Etherumm was trading in a crucial area, currently, ETH is trading at$3835, a high chance for a deep correction.
Retail investors can wait for a deep correction or pour little money into the current market level.
Trading and investing in the crypto market is always risky, before investing do your own analysis and start investing.
