🪙🪙🪙 Bitcoin Faces $60K Plunge Threat as Bid Liquidity Wanes in 3% Dip! 📉📈
💰 Bitcoin's recent dip below $68,000 has analysts concerned, with support at $69,000 failing (https://cointelegraph.com/news/bitcoin-drops-etfs-lose-inflow-steak-us-inflation-fed-meeting) to hold once again. The lack of significant bid support is raising alarms, with some warning of further losses down to $60,000.
💰 Keith Alan from Material Indicators highlighted the thin bid support, indicating vulnerability in BTC's strength. The rejection of $69,000 support (https://coingape.com/blog/btc-price-at-a-crossroads-breakout-or-breakdown/) and loss of the 21-day moving average underscore the current downward trend.
💰 The upcoming U.S macroeconomic data and the Federal Reserve's interest rate decision are potential catalysts for further volatility in Bitcoin's price action.
➡️ However, some traders remain cautiously optimistic. Credible Crypto suggests that with spot absorption and liquidity dynamics, BTC may find support around $65,000 (https://cryptorank.io/news/feed/6e079-bitcoin-futures-experience-spike-net-short-interest), possibly avoiding a drastic drop to $60,000.
LINK (https://cointelegraph.com/news/btc-price-risks-60k-bitcoin-bid-liquidity-new-3-dip)
