Why is the Bitcoin Price Down Today? | Credit: Veronica Cestari
Share
Key Takeaways
The Bitcoin (BTC) price is down by nearly 3% today.
BTC has fallen by 7% since its all-time high price.
When will the Bitcoin correction finally end?
Bitcoin’s (BTC) price has fallen since its all-time high on July 14.
Negative news exacerbated today’s Bitcoin drop, as Galaxy Digital sold more than $1.1 billion in BTC in the past 24 hours.
The team still holds more than 18,500 BTC, which has moved to exchanges. If they decide to sell, they can create selling pressure.
With the price teetering on the edge of a breakdown below $115,000, let’s analyze the charts and determine when the correction will end.
Bitcoin Price Analysis
The Bitcoin price has fallen in the past two weeks since reaching its all-time high of $123,236.
Bitcoin will create its second bearish weekly candlestick if the current weekly close holds.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Also, momentum indicators do not show any bearish divergences. So, while the Bitcoin price may be in the red today, the technical analysis suggests there’s no reason for alarm.
The wave count is also extremely bullish. While it suggests the Bitcoin price is currently in the fifth and final wave of its increase (green), wave five has extended.
A series of 1-2/1-2 wave formations (black & orange) point to a parabolic upward movement underway.
Bitcoin’s wave count suggests there will be no major correction until $164,000, and the cycle will end near $237,200.
So, the long-term Bitcoin price prediction is decisively bullish. Let’s look at the short-term one to see where the correction will end.
Why is Bitcoin Down Today?
Bitcoin’s short-term count adds to the positive weekly readings by showing another series of 1-2/1-2 waves, supporting the start of a parabolic increase.
One decisive sign that a correction is ending is that the price of Bitcoin broke down from a symmetrical triangle today.
Elliott Wave rules state that triangles are either wave four or wave B. Since the BTC price broke down, the triangle cannot be wave four but wave B in an A-B-C correction.
So, after the current decline, Bitcoin’s price will resume its ascent to new highs.
The wave structure and Fibonacci levels suggest the current area is suitable for a bottom, since it gives wave C 0.618 times the length of wave A and coincides with the 0.5 Fibonacci retracement support level.
A nearly identical structure developed roughly one month between May 22 and June 22, when the C wave breakdown was shorter than wave A, barely crossing the 0.618 level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
