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Key support is lost by Bitcoin, expected to return tp $54,000 by Analysts. 🙂

Key support is lost by Bitcoin, expected to return tp $54,000 by Analysts. 🙂

Bitcoin Price Analysis 📉

Bitcoin has seen a consistent decline in its price over the past week due to various economic and market factors. With the premier cryptocurrency now hovering around the $60,000 price range, it has lost over 11.17% of its market value in the last seven days. Despite the hopes of many crypto enthusiasts for price stability, some analysts predict further losses for Bitcoin in the near future.

Bitcoin Price Forecast

According to an analysis by abramchat on CryptoQuant, Bitcoin recently lost a crucial short-term support level at $64,580. This level represents the average price at which investors have acquired Bitcoin in the past six months. The loss of this support suggests that many investors are now facing losses or selling pressure to cut their losses.

  • The recent drop in Bitcoin’s price can be attributed to economic and political news affecting various financial markets.
  • Genesis, a defunct crypto lender, has begun repayments to creditors, transferring $1.5 billion in Ethereum and Bitcoin to offload $4 billion in debt.
  • Failure to reclaim the $64,580 support level may lead Bitcoin to drop to $53,000 – $54,000, the next significant support zone.

Bitcoin Market Recap

Currently, Bitcoin is trading at $60,597, with a 1.20% decline in the last 24 hours. The cryptocurrency fell below $60,000 for the first time since mid-July recently, signaling a lack of buying interest and increased selling activity. Despite this drop, Bitcoin remains the largest digital asset with a market cap of $1.19 trillion, making it the 9th largest global financial asset.

  • The daily trading volume of Bitcoin has decreased by 24.45%, indicating reduced market activity.
  • Investors are advised to be cautious when considering altcoin purchases due to the prevailing negative market sentiment affecting other cryptocurrencies.

Hot Take 🔥

Despite recent price declines, Bitcoin continues to face challenges in recovering its losses. As market conditions remain uncertain, it is essential for investors to monitor Bitcoin’s price movements closely and exercise caution when making investment decisions.

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Key support is lost by Bitcoin, expected to return tp $54,000 by Analysts. 🙂