đȘđȘđȘ Bitcoin Faces $60K Plunge Threat as Bid Liquidity Wanes in 3% Dip! đđ
đ° 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.
đ° 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.
đ° 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.
âĄïž 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)