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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Why The Latest Correction Is Good For Bitcoin

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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Bitcoin has finally corrected downwards after being on a bull rally for the better part of this week. This is an expected development for a digital asset that has grown so much in such a short time. However, while some in the market lament this downtrend, it is important to look at what a correction like this might mean for the digital asset. Because it may do more good than harm in times like these.

Is This Correction Bad?

For any upward recovery, there is bound to be a correction. This can be either good or bad depending on the circumstances surrounding the market movements. This time around, bitcoin has begun a recovery trend after making significant gains earlier this week. Now, for the present market, this looks to be more of a good thing for the digital asset given where the price has landed.

Related Reading | Bitcoin Mining Difficulty Eyes New ATH As Block Production Ramps Up

Bitcoin had been able to hit as high as north of $47,000 during its last rally. This had helped to cement the cryptocurrency’s place in the bull trend. However, after building up so much momentum, there was bound to be a drawback and the result of that has been a declining value.

These kinds of corrections during bull rallies are always good. This is because they allow overbought indicators the change to reset their values to become good enough once more for investors. Paving the way for even more money to come into the market in the wake of the correction. 

Bitcoin price chart from TradingView.com

BTC support level at $45K | Source: TradingView.com

Naturally, there remains a support zone that the digital asset may not fall below, hence it becomes a problem for the asset. As long as bitcoin is able to hold above $45,000, then the power still firmly rests in the hands of bulls meaning that the cryptocurrency is likely to continue in its current bullish path. If this is the case, then bitcoin may very well see a big bounce coming. Most likely during the weekend when there is less liquidity in the market.

Bitcoin Needs To Hold

In the short term, bitcoin has no problems registering a bullish trend. The main pain point now remains to solidify this position over the long term and in order to do this, the digital asset has to beat the 100-day simple moving average. It is already trading above this but it remains a small margin. If the bottom of this correction can stop above $45,600, then this BTC will revert to a bullish trend over the long term.

Related Reading | Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs

It remains a buyer’s market although how long this last will be determined by the performance over the next week. A proper break above $47,000 will once again set the stage for another massive rally. However, $48,000 will be a hard-fought battle given low momentum.

Bitcoin price chart from TradingView.com

BTC trading above $45,000 | Source: BTCUSD on TradingView.com
Featured image from FXComfort, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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