Bitcoin price has plummeted 4.76% over the last 24 hours.
The German Government initiates multiple BTC transfers amid this price fall.
The crypto market’s window opened on an anxious note, sliding back to a valuation of $2.13 trillion. With a dip of 4.76%, Bitcoin (BTC) plunged to a two-month low of $57.2K. The fall has caused the altcoins herd to perform at its lowest. Notably, the largest altcoin Ethereum (ETH) fell to $3.1K.
During this dip, the market also witness recurring BTC transfers from prominent whales. The wallet linked to the German government has moved nearly 3,000 BTC, worth $173 million, over the last 3 hours to a wallet and exchanges such as Bitstamp, Kraken, and Coinbase.
Multiple other whale movements have occurred over the past 24 hours. The attention is now on speculating where the BTC price is headed next. At the time of writing, the price of Bitcoin was at $57,512 with a daily volume of $38.36 billion.
On the other hand, the spot Bitcoin exchange-traded fund (ETF) market resumes recording minimal outflows. As per SoSo value, on Wednesday, the US spot ETFs noted a total net outflow of $20.45 million.
As per data sources, BTC’s futures-to-spot trading volume ratio has dropped by 63%. Commenting on this, Ki Young Ju, CEO of data analytics platform Cryptoquant, noted that the Bitcoin market is ‘futures-driven’ and stated, “high spot trading volume is good for the market”.
Will Bitcoin Dip Down Further?
According to renowned financial commentator, Peter Schiff, Bitcoin is in a critical support zone. As per him, if BTC fails to hold up the support, a further decline is expected. Over the last month, BTC struggled to maintain above $65k and recorded a 16.5% decline.
As you can see #Bitcoin is at critical support. If it doesn't hold, look out below. It's a long way down. pic.twitter.com/uP9I24dILI
— Peter Schiff (@PeterSchiff) July 4, 2024
In June, BTC hit a high of $71K, spurring bullish anticipation but within days it bottomed at $59K at the month’s end, leaving the traders in anxiety. Over the past week, BTC has noted a decline of 5.96%. It fell from $63K to $57K, as per CoinMarketCap.
On the 24-hour price chart, it could be seen that the short-term 9-day moving average (9MA) is found below the 21-day moving average (21MA). This indicates the current bearish trend. Meanwhile, the daily RSI, which stands at 30.40, points to the asset’s oversold condition.
If Bitcoin bears strengthen, the crypto might find its subsequent bottom at $56,707. Conversely, if BTC sees a reversal, the price could travel upward toward a resistance of $58,140.