CandleFocus Bitcoin Correction Deepens, Sees Worst Week Since Trump Win
2024-12-23
Author: Content Editor
Bitcoin (BTC) prices have dropped 12% from their all-time high of over $108,000, suggesting a deepening correction. The asset's losses resulted in a "bearish engulfing" weekly candle, signaling a multi-week correction. Historically, week eight in Bitcoin price discovery tends to be a corrective week. If Bitcoin breaks below the $90,000 level, it could trigger further liquidations. The low-liquidity environment and the upcoming biggest crypto options expiry event on Dec. 27 may bring more volatility. In addition, spot Bitcoin ETFs shed almost $950 million, and several altcoins showed minor bounces from their correction dips.
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