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Bitcoin Market Analysis: Short-Term Gains or Correction?

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by Giorgi Kostiuk

a month ago


The recent price increase of Bitcoin has drawn trader attention, but opinions on its prospects are divided.

Overview of Current Situation

After a drop from recent highs of $111,000, the price of Bitcoin has reclaimed $106,000. This movement has piqued traders' interest, with some suggesting it could mark the beginning of a new rise.

Bitcoin Wave Structure Analysis

Veteran trader Matthew Dixon shared a chart indicating wave overlap, calling into question the likelihood of continued upward movement. He views this more as a temporary correction than the start of a new rally.

Market Support and Resistance Levels

The price has encountered resistance in the $108,200 to $108,500 range and has not been able to break through. Current support levels are at $106,000 and $104,250, below which a potential drop to $102,450 is expected.

While Bitcoin may face challenges in the short term, long-term expectations remain hopeful. Traders continue to monitor price levels closely as they dictate short-term trading strategies.

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