Bitcoin may be on the brink of a significant downturn, with analysts at 10x Research warning of a possible drop below $50,000. Here's a breakdown of the situation:
Key points 📉
1. Buying lines gradually decrease and selling lines increase
According to 10x Research, Bitcoin's sharp decline from over $60,000 on July 4 could be just the beginning. The significant decline is attributed to reduced buying activity and increased selling pressure.
🔻 Markus Thielen, Analyst at 10x Research:
“Our data from early June has suggested an overbought market that is ripe for a correction.”
2. Violating psychological standards 🚩
The drop below the $60,000 mark to $50,000 represents a major shift in market sentiment. A break of this key support could accelerate the downtrend as sellers scramble for liquidity.
3. Impact on investor psychology and market liquidity 💔
Bitcoin's 5.44% drop has significantly impacted investor confidence and market liquidity:
Market capitalization: BTC's market capitalization is at $1.1 billion.
Trading volume: Trading volume increased by 57%.
🔺 Main support levels:
A break of the $60,000 support level, a key level for Bitcoin miners and spot Bitcoin ETF buyers, could cause additional selling pressure.
4. Return Mt. Gox 🏦
Expected $8.5 billion BTC refund from defunct exchange Mt. Gox, which began in July, coincided with this sell-off, adding to the downward pressure on prices.
5. Technical analysis 📊
10x Research's report highlights Bitcoin's “Double Top Formation” since December 2023, suggesting that recent price movements are consistent with this bearish pattern.
See original
Bitcoin Below 57K USD - Will It Drop To 50,000 USD?
LIVE
--・606 views
0 people tipped the creator.
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
0