The post Bitcoin (BTC) Price Drop: Is $60K the New Target as Bearish Pressure Mounts? appeared first on Coinpedia Fintech News
Following a strong start to the week, Bitcoin, the top cryptocurrency by market capitalization, has experienced a notable drop. Currently priced at $66,568, Bitcoin has fallen by 3.83% in the last 24 hours, with a slight decline of 0.25% over the past week. This recent dip may be linked to the U.S. government’s transfer of $2 billion worth of Bitcoin from Silk Road.
Meanwhile, Veteran crypto trader Roman Trading predicts that Bitcoin could potentially drop further to $60,000 from its current level.
BTC To Fall To $60K
According to Roman Trading, Bitcoin is showing signs of bearish divergence on its 1-day chart, which suggests a possible double-top reversal. This divergence happens when the price reaches new highs, but momentum indicators like RSI or MACD do not follow suit.
$BTC 1DEyeing price targets of 64 & 60k respectively.Showing bear divs with a possible DT reversal setup.My bet is sentiment gets ultra bearish at these levels then we full send up once again.#bitcoin #cryptocurrency #cryptonews pic.twitter.com/YWPA6kPRoY
— Roman (@Roman_Trading) July 29, 2024
However, such a pattern often indicates that the upward trend is losing strength and could lead to a reversal. The mention of a double-top setup highlights the chances of Bitcoin peaking before experiencing a downward correction.
Roman Trading suggests that sentiment might become extremely bearish as Bitcoin saw a sudden drop from $69,811 to $66,842, a decline of nearly $3,000 in the last 24 hours.
Although, the trader predicts that Bitcoin could fall further if it fails to hold the resistance level at $66,000. The next key levels to watch are $64,000, and potentially $60,000.
US Government Moves $2 Billion BTC
The recent drop in Bitcoin’s price might be linked to recent actions by the U.S. government. On Monday, the government transferred $2 billion worth of seized Bitcoin, causing a significant market impact.
BREAKING:The US. Government just moved $2B of Bitcoin to a new address:bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn
— Arkham (@ArkhamIntel) July 29, 2024
This move came just two days after presidential candidate Donald Trump announced plans to acquire Bitcoin (BTC).
The wallet holding 29,800 BTC was first moved to a new address with no previous transactions. This new address acted as an intermediary, forwarding 19,800 BTC to another address. Meanwhile, 10,000 BTC, valued at approximately $670 million, was sent to a third address.
A Ray Of Hope
Despite the bearish signs, Roman Trading is still positive about Bitcoin’s future. If the market becomes too negative, it might help set up a big price increase, as overly worried traders could create the right conditions for a rally.
