Bitcoin may see a brief correction to the $72,000 support as an imminent market recovery remains limited by a lack of crypto investor sentiment, which has dropped to lows not seen since 2022.
Bitcoin (BTC ($84,577.04)) price hit an over three-month low of $78,197 on Feb. 28, falling over 28% from its record high of over $109,000 reached on Jan. 20.
Bitcoin may experience a deeper retracement toward the “low $70,000’s range as the market repositions,” according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo.
BTC/USD, 1-day chart. Source: TradingView/Cointelegraph
Yet, a “significant drop below $75,000 seems less likely,” the analyst told Cointelegraph, adding:
“While there might be a temporary backtrack as the market fills in the gaps left during the rapid climb, Bitcoin is more likely to establish firm support in the $72,000 to $80,000 range.”
“This support could provide a foundation for a more sustainable recovery, reducing the likelihood of a deeper retracement,” he said.
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