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Bitcoin Falls Below $80k: Consolidation or Drop, What’s Next?
The cryptocurrency market has been witnessing a downward trend in recent days, with Bitcoin [BTC] falling below the crucial psychological barrier of $80,000. This sudden plunge has sparked concerns among investors about the potential for a deeper correction or an unexpected turn of events that could propel the price back up.
As traders and investors attempt to make sense of this unexpected fall, it is essential to assess the current market dynamics and forecast any potential outcomes.
The liquidation heatmap suggests that consolidation might be on the cards over the next week or two.
Bitcoin found some support at the $74.5k level.
There are a few possible scenarios that could play out in the coming days. The first possibility is that the price action could repeat what happened late last month, with the cryptocurrency eventually recovering and moving higher once more. However, there is also a risk of a continued decline if market participants fail to find support at this critical level.
The cryptocurrency market has been witnessing a downward trend in recent days.
A closer look at the data suggests that it is too early to say whether Bitcoin will continue its downward trajectory or consolidate before potentially moving higher once more.
Source: https://ambcrypto.com/bitcoin-falls-below-80k-consolidation-or-drop-whats-next/
