Today, Bitcoin ventured to the pinnacle of its extended ascending channel, experiencing a distinct rebound. This bounce introduces a heightened risk of mounting downward pressure, potentially leading to a 20% decline in BTCUSDT. The rationale behind this projected drop lies in the proximity of the nearest support level at $57,981, aligning with the 38.2% Fibonacci retracement level and the lower boundary of the channel.
Given these circumstances, exercising extreme caution in purchasing both Bitcoin and altcoins at this juncture is strongly recommended.
Given these circumstances, exercising extreme caution in purchasing both Bitcoin and altcoins at this juncture is strongly recommended.
Note
Bitcoin sell-off could have come to an end 
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.