What Happened Today?
So, today Bitcoin kicked off its day like it had a good breakfast, starting at $7,600. But just as quickly as a kid turning off a mobile game when it runs out of battery, it plunged to $6,800, losing over 10%. Thankfully, buyers emerged, like superheroes, pushing it back above the $7,000 mark. Looks like everyone loves a bargain!
Ether: The Sad Sidekick
In the wake of Bitcoin’s dramatic drop, Ether stumbled as well, losing support at $150 and dipping almost 15% to $137. Talk about being dragged down by the popular kid! Ether is probably busy eyeing those $150 snacks it used to munch on.
Bitcoin’s Dominance: The King is Here!
Despite the chaos, Bitcoin seems to be strutting its stuff with a dominance of 69% this week—it’s like when your roller-skating little brother manages to steal the spotlight during the family talent show. With Bitcoin outpacing the rest of the cryptocurrency gang, it seems to be effectively turning the panic into a personal branding exercise.
The Fibonacci Playground: Is It Safe?
This week, Bitcoin continued its roller-coaster ride, dropping about 16% from its $8,500 opening. As it careened towards the “golden pocket” between the 61.8% and 65% Fibonacci levels, it definitely evoked a sense of deja vu for seasoned traders. At some point, it needs to reclaim the throne at the 100-week MA to avoid flooding the market with panic.
Technical Analysis: The Crystal Ball
When gazing into the crystal ball of Bitcoin, today’s charts indicate something potent. On the daily chart, Bitcoin appears to have made a pit stop at the bottom of its downward channel, where it has typically staged an emotional comeback. Fingers crossed it can summon the magic for a reversal soon because the last thing any crypto enthusiast wants is to see BTC hit a mall food court level!
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