Analyst: If Bitcoin fails to hold the current range, it will further test the vicinity of $54k for the "Realized Price" position.
BlockBeats News, April 7th, Cryptocurrency market analyst Axel published a report on social media stating that the current Bitcoin retracement is significantly smaller than in 2017-18 (-64.3%) and the same period in 2021-22, closer to the mild scenario of 2013-15, but this does not confirm that the bottom has been formed. The Bitcoin price is currently slightly above 1.25 times the realized price ($67,675), and the market is in a key valuation range. As long as this range can hold or if the price can quickly recover after a brief dip below, the market structure remains somewhat neutral. If the support area continues to be breached, there is a high probability of a further decline to the 54,140 USDT range near the realized price, between 54,000 and 58,000 USD.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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