Bitcoin opened at a price greater than $63,000, and then it continued to pull back, reaching $60,400 at the lowest point at the time of writing. From the recent Bollinger Bands channel situation, it seems that this performance can be better understood. The market itself is facing a critical moment to open the channel, but after the positives of Coinbase’s listing have completely landed, the short-term upward force has not been so strong, so the power to open the upward channel cannot be gathered in a short period of time, so a temporary correction can be considered normal.
Today's Bitcoin price correction seems to have something to do with the security incidents that occurred in several coal mines in China. Due to the time when the coal mine collapsed, the Bitcoin mining farm also ushered in a power outage for investigation, which caused a significant reduction in computing power, which was reflected on the price. However, analysts on Bexplus believe that this is only temporary and just cools the market.
It is normal for the market to fluctuate in the short term, and there is basically no major problem with the long-term trend. Next, traders will need to first pay attention to the support of $60,000, and the upper-pressure level shall be $63,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.