While altcoins experienced a major decline, the Bitcoin (BTC) price showed a slight recovery. At the time of writing, BTC was trading above $56,200. BTC, which dropped to $ 53,485 in the past weeks, has been losing value under the long-standing negative market effect. Continued MTGOX transfers and sales by the German government indicate that the current weakness will continue.
Bitcoin (BTC) Falls
Bitcoin fell to its lowest levels since February, causing larger declines in altcoins. Many altcoins are close to last year's lows. Adam Back, founder of Blockstream, stated that such declines are normal in bull markets and stated that investors should take advantage of these opportunities. Speculations about the German government's liquidation of Bitcoin assets and MTGOX refunds were effective in BTC's decline.
Cryptocurrency liquidations in the last 24 hours reached the highest level in the last two months with $665 million. Some analysts predict that BTC may bottom at $50,000. In an oversold environment, investor interest may be strong as ETFs fail to realize their full potential.
Bitcoin (BTC) Price Prediction
It is stated that BTC should return to the range of $ 56,552 to $ 73,777. At the time of writing, the price was below this range, raising concerns about a deeper decline. Bulls trying to reclaim $56,552 faced selling pressure near $57,000. However, maintaining the $56,000 level is considered an important threshold.
Recommendations for Users
Buying opportunities at lower levels can be evaluated.
Maintaining the $56,000 level is critical for a possible recovery in the cryptocurrency market.
Attention should be paid to profit taking at $62,055.
In case of a possible recovery, it is predicted that profit sales may increase to $ 62,055. It is stated that this level should be maintained as a solid support and a warning is made that sales may accelerate if it falls below. If the decline continues, it should be noted that BTC could test the $50,000 level. However, a return to the $62,055 level and its strengthening as a solid support could indicate a positive period for the bulls.
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