CandleFocus Bitcoin Price Analysis: How Deep Will This Correction Be as BTC Slumps by $4K?
2024-11-25
Author: Content Editor
Bitcoin's price has been surging towards the $100K milestone, but there are indications of a possible correction or consolidation after reaching that level. The RSI has shown a massive overbought signal, suggesting a potential pullback. The 4-hour chart also shows a bearish divergence and an ascending channel, aligning with a correction scenario. However, market participants remain optimistic, as the exchange reserve metric indicates a significant withdrawal of Bitcoin from exchanges, indicating bullish market sentiment and a potential supply shock that could drive the price higher in the coming weeks.
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