- The crypto market slid deeper into correction territory on Thursday as Bitcoin now finds itself fighting to hold onto support at $28,000 while numerous altcoins have recorded double-digit declines over the past 24 hours.
Data provided by TradingView shows that Bitcoin bulls were unable to defend the $29,000 support level, which resulted in bears dropping the top crypto to a daily low of $28,037 on Thursday afternoon before dip buyers bid it back above $28,300.The downward move for BTC led to April Bitcoin futures prices trading lower again on Thursday, according to Kitco senior technical analyst Jim Wyckoff, who observed that “Bulls are fading after prices hit a contract high last Sunday.
A look at how BTC price action could play out in the event that it continues to correct to lower support levels was provided by DeFi analyst Yoddha, who posted the following chart and suggested that the market is simply undergoing “a healthy pullback.”The price is sitting above the April open right now. And HTF structure is still in an uptrend.
We saw similar rejection in 2019 but once the base was reclaimed price went up by +147%#crypto #btc pic.twitter.com/7tCESq8aOy
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