#Bitcoin price recently dropped below $60K again, and bears have started calling it the beginning of a bear market.
Bitcoin is still in the bull market, but at its weakest since March 2023.
Why is BTC dropping?
1. Stablecoin liquidity
Stablecoin liquidity is still decreasing, and in order for BTC to start an upward trend, stablecoin liquidity needs to increase.
2. US investors (-ve) demand
US investor demand for BTC has entered a negative area, and it needs to change for BTC to pump.
Was $58.5K the bottom?
There are few signs that $58.5K was the bottom.
1) Overall demand increasing
Bitcoin demand has started to increase slowly, but it needs to rise even faster for BTC to pump.
2) Bitcoin Strong support.
BTC has a strong support around the $56K level, which acted as a strong support in May.
3) Miners capitulation
Miners capitulation has reached the December 2022 level, which was the cycle bottom for Bitcoin.
IMO, #BTC is going through some corrections, but we're still in a bull market.
Soon, BTC will start its upward trend and hit $100,000+ đđ
#US_Inflation_Easing_Alert #IntroToCopytrading #MtGoxJulyRepayments #BinanceTournament #Megadrop