The leading cryptocurrency, Bitcoin (BTC), gave back its gains in the last week with the correction it experienced in the last 24 hours, falling from $ 73,000 to $ 65,800.
Similar declines were experienced in Ethereum (ETH), BNB and XRP, while meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), which have been popular recently, also fell.
While analysts stated that the selling pressure was behind these decreases, they said that the February PPI data coming in above expectations doubled the rate of decline.
At this point, analysts are also divided. While some analysts think that the correction will be short-lived, some analysts think that the correction may deepen further.
Speaking to Coindesk, FxPro senior market analyst Alex Kuptsikevich warned investors by predicting that more losses could occur in the coming weeks before the Bitcoin price recovers.
“Bitcoin reached new historical highs during the week, and these gains in BTC triggered and continue to trigger selling.
The fact that some players took profits after the rise in Bitcoin raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction.
If investors choose to wait to see if there will be a further correction, that is, in a possible correction scenario, the 76.4% and 61.8% Fibonacci levels come to the fore on the BTC chart.
The possible correction scenario takes us to these Fibonacci levels, namely $65,000 – $65.5000 and $60,000 – $60,500.
This means that if there are no buyers at current levels, BTC could drop to $60,000.”
Bitcoin continues to trade at $67,553 at the time of writing.
*This is not investment advice.