Last week the cryptocurrency market marked one of the biggest corrections since the beginning of the year. For example, the price of Bitcoin dropped from approximately \u20ac54,000 to \u20ac39,000 \u2014 a price decline of over 27%. Many cryptocurrency users, mainly newcomers, started to panic and wonder if this is a trend reversal that will lead to a new bear market. Because of that, Bloqport published some statistics showing that pullbacks in the range of -25% to -40% are not something unusual for the price of Bitcoin during bull markets:Source: TwitterChangpeng Zhao (CZ), founder and CEO of Binance, the world\u2019s largest centralized crypto exchange, underlined that cryptocurrency is a long-term game for hodlers and not appropriate for short-term traders who panic during each dip:Source: TwitterHashcash inventor Adam Back also brought positivity to the crypto community by highlighting the price target for Bitcoin during this bull market cycle once again, and by comparing Bitcoin with the gold market and assigning a price of approximately half a million dollars per one Bitcoin:Source: TwitterAfter the deep price correction last week, the Monday market starts with a solid price rebound. At the time of writing, according to Coin360.com, one Bitcoin costs \u20ac43,864.70 (+6.57%), one Ethereum \u2014 \u20ac2,044.26 (+12.50%), and one LINK \u2014 \u20ac28.52 (+10.33%):Source: Coin360.com (Daily crypto market performance)Now, let us analyze the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.BTC\/EURIn the daily chart (1D), BTC\/EUR has dropped below the 30-day Moving Average (MA 30) and the trend line which can be considered a bearish signal:However, we think that it is too early to say that the uptrend is over because, right now, the price of Bitcoin is consolidating at the 90-day Moving Average (MA 90) and may receive solid support and resume the uptrend. It may turn\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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