The post Bitcoin Price Below $78k: Expert Says ‘Don’t Buy the Dip’ appeared first on Coinpedia Fintech News
The U.S. has announced a dramatic 104% tariff on Chinese goods, effective at noon on Tuesday, April 9, 2025. This move is a significant escalation in the trade war between the two countries, following earlier threats from the White House. The new tariff comes as a response to China’s failure to remove retaliatory tariffs on U.S. exports.
Bitcoin’s Price Faces Critical Test
Bitcoin has hit a critical support zone, which traders have been closely monitoring. The cryptocurrency’s price is testing a key range between $75,152 and $77,672. This is an important level for Bitcoin—if the price holds here, there could be a bounce back. However, there’s still a chance Bitcoin could dip lower before any recovery.
Bitcoin’s price action in the short term is still uncertain. If Bitcoin can rise above the $81,282 mark, it could signal a shift toward a more bullish trend. But for now, a brief jump above that level wouldn’t be enough to confirm a major trend reversal. A more convincing breakout above $83,792 would be needed for a stronger bullish signal.
Should You Buy The Dip?
In an interview with CoinDesk, Glen Goodman, a crypto trader and author, recently shared his thoughts on whether investors should buy the dip in the crypto market following a recent crash.
- Avoid Catching a Falling Knife: Glen explained that when prices are dropping quickly, it’s risky to try and buy, as it can lead to losses. The phrase “don’t try and catch a falling knife” is often used in trading, warning against buying too early during a sharp decline.
- Wait for Stabilization: Glen suggests waiting until the market stabilizes before making any moves. He prefers to see the market build a base and show signs of recovery with higher highs and higher lows, rather than jumping in during a potential “bull trap.”
- Long-Term Outlook for Bitcoin: The expert also discussed Bitcoin’s longer-term potential, noting that while it’s too early to conclude if the bull market is over, Bitcoin’s trend has been strong since 2023. However, the recent dip raises questions about whether it will continue growing at the same pace.
