#bitcoin☀️ slips under $60,000 again as crypto market faces broad pressure
Bitcoin's price dipped below $60,000 late Tuesday, reflecting a broader downturn in the cryptocurrency market. Bitcoin ($BTC ) is down 5.4% over the past 24 hours, trading at $59,600 at the time of writing, according to The Block's data. Ether (ETH) experienced a sharper decline, dropping 7.7% to $2,480.
Among the top 10 #Cryptocurrencies , Solana ($SOL ) fell by 7% to $147.5, and Dogecoin (DOGE) lost 6.3%, now trading at $0.099. The overall cryptocurrency market dropped by 6.3% in the last day, according to The Block.
BTC Markets Crypto Analyst Rachael Lucas explained that the downturn doesn't stem from a single catalyst but rather a mix of factors. She pointed out that technical indicators suggest the U.S. Dollar Index (DXY) is oversold on the daily chart, which could lead to a dollar rebound, traditionally putting downward pressure on risk assets like cryptocurrencies.
Lucas also mentioned the possible impact of seasonality, particularly the "September Effect," which has historically seen markets underperform due to portfolio rebalancing, tax-loss harvesting, and increased caution ahead of U.S. elections.
The downturn has been exacerbated by numerous crypto liquidations, with Glassnode data revealing over $287 million in long crypto positions were liquidated in the past 24 hours.
Augustine Fan, Head of Insights at SOFA.org, noted that short-dated volatility surged as traders scrambled to buy downside protection, driven by poor underlying momentum from supply overhang and a lack of near-term on-chain catalysts.
Solana's bullish sentiment is driven by recent performance. Analyst Ali Martinez sees the $164 resistance as key; clearing it could lead to a 33% rise toward $220, a level not reached since late 2021.
BTCMarkets' Lucas warned that if Bitcoin continues to trade below its 50-day moving average—a key technical level at $61,991—it could fall to around $56,000 in the near term.
Source - theblock.co
#CryptoTrends2024 #BinanceSquareBTC #CryptoMarketTrend
