Buying BTC, As Bitcoin Price Dives Below $60,000 After ATH

The BTC continued the surge today, with the Bitcoin price touching a new record high, before tumbling lower below $60,000. However, the decline stopped there and now BTC/USD is reversing back up. We decided to open a long term Bitcoin signal, which is looking good at the moment, as the price climbs back up.

Bitcoin H1 Chart – The 200 SMA Held As Support

The disappointing data from the US today acted as a catalyst for a round of US dollar selling and increased risk appetite in global markets, ultimately providing the final push for Bitcoin to surpass $69,000 for the first time ever. Bitcoin briefly broke above $69,200, reaching a new all-time high, before experiencing a rapid bout of profit-taking that brought it back below $68,000.

This is a common phenomenon in markets, where traders often set sell orders at all-time highs to capture profits. The upcoming halving event for BITCOIN scheduled for late April has contributed to a dip-buying mentality among investors. This event will reduce the daily supply of Bitcoin, potentially putting upward pressure on prices.

However, there is also a risk of a ‘sell-the-fact’ trade similar to the reaction seen following the announcement of Bitcoin ETFs. The outcome will depend on the market sentiment at the time of the halving. Bitcoin has been on a remarkable rally since October, driven by optimism surrounding the potential launch of ETFs and a fear of missing out

Bitcoin Live Chart