Bitcoin price plunge warning: If this key price level is lost, $50,000 may become the next target

Key points overview:

Bitcoin prices are currently facing a severe test of the 63,000 support level. Investor uncertainty and fatigue may push prices down to 60,000, or even further sell-offs to $50,000, which may have a chain reaction on the entire cryptocurrency market. The fear and greed index in the Bitcoin market is gradually falling, and the irrational selling behavior in the market may further intensify, causing other altcoins to follow Bitcoin into the downward channel. The Federal Reserve's tough attitude towards interest rate cuts, coupled with the retreat of miners, have jointly led to continued pressure on Bitcoin prices. Recent Bitcoin price analysis shows that the fund flow index (MFI) has fallen sharply, showing that traders are more inclined to sell Bitcoin, which undoubtedly exacerbates the market's headwinds. If Bitcoin fails to hold the 62,000 support level, then the price may continue to fall to 60,000 or even $56,000. Although the Ethereum ETF is scheduled to start trading on July 2, which may bring a breather to the market, the overall market trend is still not optimistic. The total amount of Bitcoin is capped at 21 million, with a current market value of $1.26 trillion and a 24-hour trading volume of $23.75 billion.