Bitcoin could be poised for a painful correction if it doesn’t reclaim the $40,000 level, according to Matt Maley of Miller Tabak + Co.
The analyst told Bloomberg that things could turn ugly in no time if buyers do not show up to save the day:
Advertisement
If, however, it sees much more downside follow-through, things are going to get scary pretty quickly.
Bitcoin started testing the top of its long-lasting range last week, peaking at $42,607.
Prior to that, the top cryptocurrency managed to score 10 days in the green, its longest bullish streak in eight years.
However, the recovery came to a halt after bulls failed to break out of the range. The top cryptocurrency has now retreated to $37,754, dropping more than 10 percent from the local peak.
Crypto Market Review: Shiba Inu (SHIB): Are There Any Chances? Is XRP Eyeing $1.50? Bitcoin (BTC) Under Bearish Control
U.Today Crypto Digest: Ripple Exec Confirms XRP as Priority, Shiba Inu (SHIB) Price Eyes 10% Spike, Fidelity Launches RLUSD Competitor on Ethereum
Legendary Crypto Trader Shares Two Charts That Should Terrify Bulls
Morning Crypto Report: -94% for Dogecoin (DOGE): Time to Worry? Not Yet, $10 XRP: Ripple Legend Provokes XRP Community With New Riddle, Binance Delists Meme Coins: 12 Gone Already
Tue, 08/03/2021 - 18:59
SEC vs. Ripple: Judge Allows Brad Garlinghouse to Seek Docs from Binance
Such price action clearly shows how quickly things can go south when bears gain the upper hand.
The largest coin remains under pressure after U.S. Securities and Exchange Commission Chair Gary Gensler said that he wanted to tighten cryptocurrency regulation.
Advertisement
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Denys Serhiichuk