Bitcoin lost its critical support and was exposed to selling pressure, and the leading cryptocurrency fell from 60 thousand dollars to 56 thousand dollars. However, it would not be wrong to say that the situation may get worse. According to Standard Chartered, Bitcoin's fall below $60,000 puts the possibility of further declines on the table. Therefore, challenging times may be ahead for investors.
It is possible for Bitcoin to return to the 50-52 thousand dollar range!
The market was painted red and especially the sharp decline of Bitcoin surprised the market players. Experts warn that this downward trend may continue. Geoffrey Kendrick, forex and digital asset research manager at Standard Chartered Bank, evaluates the situation as follows:
Bitcoin's fall below 60 thousand dollars increased the possibility of returning to the 50-52 thousand dollar range. The force behind this decline appears to be due to a combination of cryptocurrency-specific factors along with the broader economic situation.
Liquidation risk should not be forgotten!
According to Kendrick, there are concerns specific to the cryptocurrency, such as five days of consecutive outflows in US spot Bitcoin exchange-traded funds and low interest in spot Bitcoin and Ethereum ETFs in Hong Kong. Additionally, consecutive outflows from US spot Bitcoin ETFs and the average ETF purchase price currently below $58,000 increase the risk of liquidation. “More than half of spot ETF positions are in loss, so some investors may need to consider liquidation risk,” the analyst says. Regarding Hong Kong spot ETFs, according to Kendrick, trading volumes were low, which contributed to the recent decline in Bitcoin prices.
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