Cryptocurrency world following Bitcoin’s new ATH, bitcoinThe rise of . Bitcoin falling below $ 60,000 (BTC) alarmed its investors. So, should those who hold Bitcoin (BTC) wait or sell without further loss?
Analysts, who stated that it is important to examine the analysis of the market at the structural and chain level, shared their views while the markets are in this state. This situation in Bitcoin will be crucial to assess whether it is a short-term anomaly or a long-term correction.
According to the 4-hour chart, bitcoinThe descending triangle is facing a breach at press time after the $60,000 support was tested three times before. On the 18th, 23rd and 24th, BTC bounced back from immediate support.
However, support failed in the most recent test. With the new support established between $ 58,000 and $ 55,000, the possibility of Bitcoin falling to $ 55,000 should not be ignored.
Should You Panic Sell Or Keep Holding BTCs?
The on-chain analysis has shown that legacy coins have been on the move since Bitcoin ASOL rallied up to 43 days. It is possible to say that these coins, which are held by long-term investors, are on the move in the market again.
According to Glassnode, the old coins, which are only 6% at press time, are still not at a very strong level according to the company.
On the other hand, the actual volume of coins that long-term investors spend is less than 3% of the accumulated balance since May 2021, so long-term investors still do not seem to have abandoned Bitcoin en masse, even though they have profited.
What should investors pay attention to?
Having a correction at the end of every bullish cycle is actually quite ordinary and even necessary for the cryptocurrency world. For this reason, it is still too early to sell, as Bitcoin has not depreciated very hard and severely yet.
For Bitcoin to enter a bearish trend, a daily candle needs to close below $50,000 to revise the market structure and assess the downside.
The long-term bullish strength for Bitcoin still looks solid, according to the analysis. The buying pressure could push the price up again next week.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.