Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst
2024年8月4日 - 11:30PM
NEWSBTC
The price of Bitcoin has maintained a consistent decline over the
past week following several economic and market developments.
According to data from CoinMarketCap, the premier cryptocurrency
currently hovers around the $60,000 price zone, having lost over
11.17% of its market value in the last seven days. As many crypto
enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant
analyst abramchat has predicted a reverse scenario, indicating the
crypto market leader may experience more losses in the coming days.
Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels
To Watch Bitcoin Price Far From Recovery? In a Quicktake post
on CryptoQuant, abramchat stated that amidst the recent market
downturn, Bitcoin has now lost a vital short-term support at the
$64,580 price mark, which represents the average price at which
investors have purchased Bitcoin over the last six months. Such
development implies that the average investor is likely
currently underwater which can lead to an increased selling
pressure in a cut their losses or avoid further losses.
According to abramchat, Bitcoin’s recent price fall can be
attributed to economic and political news which have negatively
impacted several financial markets prominently the stock market
which recorded significant losses on Thursday and Friday. Bitcoin’s
price drop is also likely influenced by defunct crypto lender
Genesis finally commencing repayments to creditors after declaring
bankruptcy in January 2023. On Friday, Genesis transferred out $1.5
billion in Ethereum and Bitcoin as they aim to offload $4 billion
in debt. Commenting on Bitcoin’s future price trajectory,
abramchart states that the failure of the digital asset to reclaim
the support level of $64,580 will likely result in a further
decline to around $53,000 – $54,000 which represents the next
significant support zone. However, such low price levels were
recently seen in early July, following the massive market sell-off
by the German government. In addition, abramchart has warned
investors to be cautious in purchasing altcoins at the moment. The
analyst believes the current market “negativity” could produce a
significant deleterious effect on other coins aside from Bitcoin.
Related Reading: XRP, Bitcoin Sentiment Remains Very Positive: Bad
Sign For Price? BTC Price Overview At the time of writing, Bitcoin
trades at $60,597 following a 1.20% decline in the last day.
Notably, the premier cryptocurrency dipped below the $60,000 mark
on Saturday for the first time since mid-July. Currently, Bitcoin’s
daily trading volume is also down by 24.45%, indicating a low level
of interest due to diminished buying and selling activities.
However, with a market cap of $1.19 trillion, Bitcoin remains the
largest digital asset and the 9th largest global financial asset.
Featured image from Shutterstock, chart from Tradingview
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