Bitcoin's performance below the critical $60,000 level is attracting a lot of attention in the crypto community. Investors are focused on potential technical scenarios where this trend could worsen further. Institutional analysts have offered worrying insights about current market sentiment and future outlook.
Market activities in Germany and MTGOX-related movements have significantly reduced investors' risk appetite. As the Relative Strength Index (RSI) entered oversold territory, market sentiment dropped to fear levels, causing new lows to form in altcoins. QCP analysts shared their latest predictions and pointed out the notable differences between the performance of stocks and gold and crypto trends.
According to recent market assessments, "While stocks and gold have shown upward movements since last week, the crypto market has seen significant downward pressure. Especially in New York, heavy spot selling around 3-4 PM last week coincided with news of large supplies entering the market "The price drop, particularly from the German government and Mt. Gox deals, coincided with the US July 4 holiday, but stabilized with the US market reopening, with BTC trading between $53,500 and $58,500 over the weekend." This brings into question the impact of times of low liquidity outside US trading hours on market stability.
Although Bitcoin's rally reached $54,700 at the end of February 2024, it could not be permanent at these levels and there was a significant decline later. Currently seeking support around $60,200, BTC is attempting to establish a lower base. These developments should be followed closely to understand how the market will fare under challenging conditions.
Watch for price closes below $58,376 as an indication of a bearish trend.
Consider the effects on market stability of periods of low liquidity, especially outside of U.S. trading hours.
Watch for significant inflows into BTC spot ETFs as market stabilizing factors.
Note that if the downtrend continues, new lows could form in the $50,700 to $48,000 range, which could trigger new annual lows for altcoins.
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