The price of Bitcoin has dropped to just over $82,000, marking its lowest level in the past two weeks. It last surpassed the $87,000 mark on Friday following the release of a weak employment report in the US, but soon after, it retracted by approximately three thousand dollars. Bulls then became active: on Monday morning, BTC approached this level, and by Tuesday, it came very close.
That's when the market situation changed. As reported earlier, Bitcoin fell by $2,000 in just 20 minutes. One possible reason was the US government's decision to move some of its cryptocurrency reserves, including Bitcoin and BNB, some of which ended up on Coinbase. The decline didn't stop there: bears dragged the price even lower, to just over $82,000, the lowest in more than two weeks. This movement coincided with reports of increased geopolitical tensions in the Middle East.
Nevertheless, the price drop triggered the popular technical indicator TD Sequential, which showed a buy signal on the hourly chart. The first signal appeared when Bitcoin reached the support level of $83,000, although it subsequently fell below this level and then bounced back to it. Analyst Ali Martinez noted that the correction over the past 36 hours occurred after a sell signal from the same indicator, which was recorded when Bitcoin's price was near the resistance at $87,000. Martinez also reminded that "Bitcoin has been here before," and added that he expects the price to rise to and slightly above $90,000.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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