As a seasoned crypto investor with years of experience in this volatile market, I’ve seen my fair share of bear and bull markets. Today’s news that Bitcoin (BTC) has dropped by 3.25% over the last day, according to CoinStats, is not unfamiliar territory for me. The price chart shows a clear downward trend, with the vital support level of $59,544 within sight.
The bears’ pressure continues, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 3.25% over the last day.
Although BTC has dropped off recently, its trend remains pessimistic as it approaches the nearby support point at $59,544.
As a researcher studying the cryptocurrency market, I would interpret a daily close below the crucial level of $60,000 as an increased likelihood for the price to retest the support zone at around $58,000.
As an analyst, I’ve observed that sellers hold a stronger hand than buyers on the daily time frame. If the market trends don’t shift before the trading day concludes and the price approaches its minimum near $56,500, it’s likely that the downward trend will persist further.
As a researcher studying the cryptocurrency market from a mid-term perspective, I haven’t observed any clear reversal signals yet. If buying activity fails to pick up momentum soon, a potential support breakdown could occur, leading the price towards the $55,000 range.
Bitcoin is trading at $60,311 at press time.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- Rumor: One of the Weirdest Games of 2014 Could Be Making a Comeback
- ARPA PREDICTION. ARPA cryptocurrency
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
2024-07-03 18:48