Bitcoin price shows a massive drop in volatility as it consolidates around the $30,000 psychological level. A potential distribution pattern is brewing and could trigger an 8.66% pullback.
Bitcoin price has been trading in a tight range for nearly two weeks now with no signs of resolution. But a closer look at the price action reveals a potential distribution pattern that could trigger a sharp correction soon.
As Bitcoin price trades between $30,500 and $30,822, investors need to be aware of two scenarios – a sudden sell-off from the current position or a sweep of the $31,500 high followed by a correction. In both situations, the target for bears includes $28,138, which is the midpoint of the 27% rally seen between June 15 and 23.
In some cases, the downswing could push Bitcoin price to tag the 62% retracement level at $27,331 or the 70% retracement level at $26,760. Investors can also expect BTC to drop anywhere between 8.66% to 15% in the coming days.
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Bitcoin price shows a massive drop in volatility as it consolidates around the $30,000 psychological level. A potential distribution pattern is brewing and could trigger an 8.66% pullback. Bitcoin price has been trading in a tight range for nearly two weeks now with no signs of resolution. But a closer look at the price action …<\/p>\n","protected":false},"author":13,"featured_media":53010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904],"class_list":["post-86174","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86174"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86174\/revisions"}],"predecessor-version":[{"id":86179,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86174\/revisions\/86179"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53010"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}