Summary
- Bitcoin is analyzed to have a potential for correction, but a support level will form at $94,000.
- Bitcoin is currently in a bull market, but closing weekly candles for 7 consecutive weeks is rare.
- The co-founder of Material Indicators emphasized the importance of the support level coinciding with the 21-week moving average.
An analysis suggests that if Bitcoin (BTC) undergoes a correction, a support level will form at $94,000.
According to Cointelegraph on the 28th (local time), Keith Allen, co-founder of Material Indicators, stated, "Currently, Bitcoin is in a bull market and the trend is upward," but also noted, "No asset only rises continuously. Closing weekly candles for 7 consecutive weeks is rare even in a bull market."
He continued, "There is a possibility that Bitcoin will face a correction," and added, "A support level will form at the $94,000 line, which coincides with the 21-week moving average."
As of 7:07 PM, Bitcoin is trading at $108,561 on the Binance USDT market, down 1.14% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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