Analysts expect crypto correction as Bitcoin hits resistance

Analysts expect crypto correction as Bitcoin hits resistance

Bitcoin has begun to consolidate again after hitting resistance and a pullback is now expected.

Bitcoin hit an intraday high of US$7,600 [AU$11,889] but has failed to break it, consolidating just below this price range.

It needs to top resistance at the 200-day moving average at $7,850 to gain further strength, but this is looking unlikely.

Meanwhile, digital asset markets are holding on to their weekly gains as we enter the weekend.

Cryptocurrency markets have been flat over the past 24 hours, hovering around $215 billion in terms of total market capitalization.

Since last weekend, markets have gained almost six percent, but the going is slow and things are still generally range-bound.

Analysts are predicting a correction since there have been six green candles in a row on the weekly time frame.

“Bitcoin hit a strong resistance area ($7,850) and considering we’ve been green for six weeks straight, I’m expecting a correction soon,” crypto analyst CryptoWhale says in a tweet.

A correction will result in greater pain and a deeper pullback for the altcoins. Meanwhile, Ethereum is holding just below $190, but it will soon fall fast if the big brother does.

Altcoins are generally flat on the day with only Tezos still making gains as it tops $2.70 with another 4.5% added.

Featured image courtesy of Detmold/Pixabay

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.