Emergency Alert and Attention
Bitcoin's Grim Outlook
CryptoQuant Predicts Drop Below $40K
Recent turbulence in the cryptocurrency market, driven by the Bank of Japan's interest rate hike and U.S. recession fears, has led to significant losses for Bitcoin.
Key Points
- Current Bitcoin Price: Dropped to $49,112, recovering slightly to $55,782, a nearly 16% decline.
- Market Impact: Over $1 billion wiped out in the last 24 hours; $900 million lost by bullish investors and $160 million by bearish investors.
CryptoQuant's Prediction
- Potential Drop: Bitcoin could fall further to $40,000.
- Support Level Breach: Bitcoin fell below the crucial $57,000 support level.
Insights
1. Negative Profit Margins: Traders face the most negative unrealized profit margins since November 2022.
2. Key Support Level: Around $47,140, where nearly 900,000 addresses hold 489,000 BTC. Breaching this level could lead to increased selling pressure.
Outlook
If Bitcoin falls below $47,140, further declines could be imminent, potentially reaching $40,000 as predicted by CryptoQuant. Investors should remain vigilant and monitor key support levels closely.
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