Bitcoin Holds Key Support, Here’s What Could Trigger A Sharp Decline

[Cristiano]

Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500

Bitcoin struggled to clear the $58,500 resistance and started a fresh decline.
The price is now trading below the $57,000 level and the 100 hourly simple moving average.
There is a key rising channel forming with support near $56,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if there is a close below $56,000 and $55,500.
Bitcoin Price is Testing Key Support
Bitcoin climbed again above the $58,000 level, but the bulls struggled to remain in action. BTC formed a short-term top near the $58,500 level and it recently started a downward move.

Sorce

[sneakyboi]

We know that Bitcoin's Dominance in the cryptospace right now is declining really fast to an alarming rate. I think this will occur a massive correction that will trigger a start in to Altseason (which all altcoins will surge up, and even memecoins as well). But Bitcoin's price will hold and will not correct into $40k-30k price-point. I hope it goes well for Altcoins.

[TomPluz]

Seems to me that the energy and enthusiasm in the cryptocurrency market is somehow shifting to altcoins these days. And with this as the background scenario, there can be a big possibility that Bitcoin can suffer a big correction. And that can mean a big opportunity for many people and institutions to get into Bitcoin at a lower price. I am sure that many watchful buyers understand this trend and that is why they may not be buying big for now...hoping for a big dip.