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Bitcoin drops below the $60,000 threshold! Analysis as of June 25, 2024
Following significant bearish pressure, Bitcoin collapsed below $60,000. Let’s analyze together the future prospects of the price of BTC.
Bitcoin (BTC) price situation.
After rejecting $72,000, Bitcoin faced selling pressure that gradually pushed its price towards $64,000. It was below this level that the price of the cryptocurrency quickly slipped to the $60,000 support, highlighted in the article. analysis of June 18th. Bitcoin’s decline appears to have ended after reaching $58,500, a price level where buying interest pushed the BTC price above $60,000. Therefore, this phenomenon could leave hope of remaining at this last level to continue its rise.
As of this writing, Bitcoin is trading at around $60,900. THE Bitcoin price it is now forming a double top, which is a so-called bullish reversal pattern. Currently, the king of cryptocurrencies is below its 50-day moving average. This phenomenon calls into question the medium-long term structure of BTC.
However, we can be reassured by the fact that Bitcoin still appears to be above the 200-day moving average. As for Bitcoin’s price dynamics, it seems obvious that it continues to weaken, as demonstrated by its own price and oscillators. We can also see a bearish divergence on the latter. All these elements are therefore not reassuring about the future of cryptocurrency.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today an instructor at Family businessa community of thousands of proprietary traders active since 2017. You will find lives, educational content and mutual support on the financial markets in a professional and friendly atmosphere.
Derivatives Zoom (BTCUSDT)
The open interest of Bitcoin perpetual contracts appears to have followed the price trajectory of its underlying asset. This demonstrates an exit from the position by speculators as the price of Bitcoin declines. This phenomenon can be explained by a capitulation of buyers, well illustrated by recent liquidations. In fact, this Monday, June 24, more than $69 million in forced liquidations from buyers were recorded along with a drop in open interest. Of course, this can strengthen sales beliefs, which is reflected in the now negative financing rates.
The heat map of liquidations over the past few months indicates that the BTC/USDT pair has crossed a liquidation zone around $65,000. This area was slightly defended but not enough to allow a bullish continuation. Recently, it appears that the sensitive $60,000 zone has been reached and has sparked buying interest. Currently, the most significant liquidation zones in the last three months are above the current price: we can see $65,000, and above $67,500. Below, we can still see the $56,850 zone. If the market approaches these levels, we could see a massive trigger of orders, potentially increasing the cryptocurrency’s volatility. These areas therefore represent important points of interest for investors.
Bitcoin (BTC) price hypothesis.
- As long as the price of Bitcoin manages to remain above $58,500, we can anticipate a return of BTC above $63,000. The next resistance to consider, if the bullish move continues, would be the $65,000 zone. Higher up you can highlight the $67,000. At this stage, it would represent an increase of around 10%.
- If the price of Bitcoin fails to remain above $58,500, we could consider buyer interest support between $57,000 and $55,500. The next level to consider, if the bearish movement continues, would be around $54,500. Further down, we can highlight $52,000. At this stage, that would represent a decline of close to 14%.
Conclusion
Bitcoin faced selling pressure that pushed its price below the $60,000 mark. Although all indicators are red, it appears that the cryptocurrency has benefited from buying support that has allowed it to regain this latest level, offering hope for a buyer’s return. Bitcoin is therefore currently in a time of uncertainty, which is why it will be crucial to closely observe price reactions at various key levels to confirm or refute current assumptions. It is also important to remain vigilant against potential “fake outs” and market squeezes in every scenario. Finally, let us remember that these analyzes are based exclusively on technical criteria and that cryptocurrency prices can also evolve rapidly based on other more fundamental factors.
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