The previous days turned out to be extremely bearish as the Bitcoin price slumped hard by close to 10% following a rise in the upward pressure. Moreover, the bearish clouds continue to hover over the BTC price rally since the early trading hours as the price continues to steadily descend. This has raised concerns about whether the token has entered a correction phase. If yes, where could be the bottoms of the correction as the price is primed for a strong rebound, revamping a rise to $100K?
Bitcoin witnessed a surge in it’s value, influenced by external factors. Firstly, a Chinese court declared Bitcoin & crypto ownership legal, and Trump planned to appoint a White House crypto advisor who is reportedly Cardano founder Charles Hoskinson. With this, the BTC price managed to break the important resistance lines and marked highs very close to the $100K milestone. Although the price reacted well to the new potential reversal zone between $101,000 and $98,700 but failed to reach the magic number at $100K as more sell orders were placed exactly at these levels.
According to the Elliott wave theory, Bitcoin has entered five new impulsive waves after breaking the important resistance lines. Currently, the price has completed the main correction wave 5, and it appears that the token has entered a correction wave.
On the other hand, the USDT dominance witnessed an uptick as the BTC dominance slipped down, which seems to have caused a correction. Therefore, in the coming days, Bitcoin is expected to attack the lower line of the ascending channel after approaching the resistance zone between $97,642 and $97,180. However, to complete the wave, the price needs to face a rejection and reach the lower support zone below $90,000. Following this, the buying volume is expected to rise, which could increase the volatility of the token. As a result, the token could trigger a fine rebound and head back to it’s target at $100K in a short while.
Currently, it indicates that all of them are just shorting Bitcoin and all the liquidity is laying around $100K. It indicates that the market participants are buying and selling at the peaks or significant highs or lows. Therefore, now that a notable amount of longs have been liquidated, it seems that it is time to liquidate the shorts. Hence, the Bitcoin price may not have entered the correction phase but rather have set up an epic short squeeze ahead.
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