KUALA LUMPUR, March 14 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the week slightly higher, in line with regional indices despite the weaker performance on Wall Street overnight. At 5 pm, the FBM KLCI rose 2.12 points or 0.14 per cent to 1,512.15 from Thursday’s close of 1,510.03. The market bellwether opened 10.08 points lower at 1,499.95, and moved between 1,493.29 and 1,516.25 throughout the day. On the broader market, gainers outpaced losers with 680 to 292, while 437 counters were unchanged, 1,009 untraded, and 13 suspended. Turnover was marginally lower at 3.24 billion units worth RM2.5 billion from 3.25 billion units worth RM2.90 billion on Thursday.
Bitcoin’s recent drop below $80,000 has sparked debate among traders—is this a healthy market correction, or is it an opportunity to buy the dip?
What Happened?
Crypto trader Stockmoney Lizards shared insights in a detailed X post on Monday, suggesting that while many traders are rushing to buy Bitcoin as it drops, technical analysis indicates that the correction may not be over just yet. Here's a breakdown of the key points:
- Long-Term Fundamentals Are Strong: Despite the short-term pullback, the fundamentals supporting Bitcoin remain intact.
- Historical Price Patterns: Looking at Bitcoin’s history, there are indicators suggesting that further downsidecould occur before a new rally begins.
Key Technical Indicators to Watch:
200-Day Simple Moving Average (SMA): In past corrections (2023 & 2024), Bitcoin traded below its 200-day SMA for weeks. This pattern is repeating in 2025, suggesting that the current pullback may last longer.
Liquidity Support Zones: During previous corrections, Bitcoin found strong support levels at:
- 2023: Around $25,000
- 2024: Around $50,000
- The current cycle suggests support may come in the $72,000–$74,000 range.
Short-Term Breakdown: Bitcoin recently broke below its uptrend after two failed retests, which is often a bearish signal. Additionally, many traders are still holding unrealized gains from the $70,000 to $108,000 range, potentially leading to more selling pressure in the short term.
What’s Next for Bitcoin?
While Stockmoney Lizards expects more downside in the short term, the outlook for the long term remains positive. The trader maintains a $200,000 target by year-end, advising followers to hold their positions as the market undergoes healthy consolidation.
Moreover, Javon Marks, another crypto trader, notes that Bitcoin is showing signs of a hidden bullish divergence—a pattern that has historically led to 90% rallies. This could signal that a strong bullish move is on the horizon.
Comments
Post a Comment