Bitcoin Falls by $9k+ USD - Is the Bull Market Over?

The entire crypto market is wrecked, and we saw Bitcoin falling below $119k, which created panic among a lot of people. But let us understand if there is actually a need to panic right now, because Bitcoin is currently trading below $118k, which is around $9,000 down from the recent all-time high above $126k.

So, obviously, people might be wondering if Bitcoin has already found its top and whether there will be no more gains in crypto now.

To understand that, we are going to analyze the market using the same chart that I always use.

Now, let us zoom in on that chart a little more to have a clear picture of what is happening right now. The blue resistance line was broken, and after that, we created an all-time high for Bitcoin at $126.4k.

After that, Bitcoin came down to that same resistance line, which acted as support. But not only that, we also lost the second support, which was around $118k, and now we are testing the third support at $117.1k. If we fail to hold this level, there is a chance we could go even lower.

In the screenshot below, you can see that $115.5k is the next support level. So, if we lose the current support at $117.1k, Bitcoin will likely test that $115.5k line. However, this does not mean that we are entering a bear market, because the strength of Bitcoin cannot be decided based on just one day’s move.

This was a heavy liquidation event for sure, so we have to wait for a few more days before making any statement about whether the bull market is actually over.

Personally, I think the bull market is not yet over because the money flow is still pending, and there are a lot of positive events expected in the coming months, especially the two upcoming rate cuts, which I believe will be the most profitable news for the market.

So that’s what I think about the market right now. After analyzing Bitcoin, I believe there’s no need to panic. Maybe this is actually the opportunity to buy your favorite tokens.