Adam Back, renowned cryptographer and CEO of Blockstream, known for contributing to the Bitcoin whitepaper authored by Satoshi Nakamoto, has spoken out about the current state of the cryptocurrency market.

Bitcoin Losing Value

The current market sentiment is not optimistic as Bitcoin has lost more than 2% of its value in the last 24 hours, dropping to a key support level around $60,000 USD. The ambition to surpass $66,000 USD and reach a new all-time high during the so-called "Uptober" now seems more challenging than it did at the end of September.

Key Level at $58,000 USD

Back emphasized that a retest of the $58,000 USD level will be crucial for any further movement. This level, previously a significant support zone, has now become an important indicator for the market as it tries to recover from recent turbulence. If bulls retreat at the current levels and bears take control, this level may serve as the next stopping point for Bitcoin.

BTC to USD by CoinMarketCap


Risk of Falling Below $58,000 USD

If Bitcoin cannot hold above $58,000 USD, it could continue its decline to $52,000 USD, or even to lows not seen since the beginning of August. Back also mentioned that a drop to $58,000 USD followed by a bounce could be seen as a rebound or a bear trap. If this is the case, his strategy for handling this situation could prove very beneficial.

Possible Need for More Cash

However, if $58,000 USD is not the last stopping point and the market forms a double bottom, Back advises having more cash on hand to handle further declines.

#Bitcoin❗ , #SatoshiNakamoto , #Cryptocurrencies , #BTC☀


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