Trader explains when Bitcoin’s price is expected to resume its rally

The trader Илья Мещеряков explains the current market situation.

Yesterday was far from auspicious for the leading cryptocurrency — from its all-time highs the price fell by almost $1,000. This is not only the largest daily decline in recent months but, in fact, the deepest fall within the trend that began on October 8 following a breach of the global triangle.

The Bitcoin and the rest of the market also opened lower today, with the $13,000 psychological level briefly giving way. The crypto market is under heavy pressure from changes in investor behavior — March’s “flashbacks” triggered aggressive selling not only on stock markets, but also on the oil market, which has been down 5% for the second day in a row.

The October uptrend (start marked by a green arrow) with yesterday’s red-marked correction. The hourly BTC/USDT chart from TradingView.

It is precisely this point that I’ve been trying to convey in the latest several analyses: no matter how strong BTC is here and now, it must still ‘look back at the explosions’ behind it. Bitcoin is not a Hollywood actor, but a real market asset, subject to the laws of supply and demand.

Local support zone (highlighted in blue) with high buying activity. The hourly BTC/USDT chart from TradingView.

Altcoins are underperforming; there is a persistent impression that there is no capital left to push new price highs, BTC dominance has firmly settled above 62% and continues to rise. They are often watched during periods of flat or slight declines in Bitcoin, so a small uptick could still be seen.

What do we have in the dry run? Structural problems are mounting, investor behaviour is shifting away from risk assets, and markets linked to Bitcoin during crises (stock indices, oil) have accelerated their declines. Technically, the important levels remain intact, but this could change at any moment, so the priority strategy remains short-term trading with risk controls.

Subscribe to ForkLog’s Telegram news: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.