As a researcher with extensive experience in the crypto market, I find the recent Bitcoin price performance disheartening. The past week has been a challenging one for the leading cryptocurrency, mirroring the trend across other large-cap assets. Unfortunately, the data suggests that there is still potential for further downside, which could bring the Bitcoin price closer to the $60,000 mark.
Over the past week, Bitcoin‘s price behavior fell short of bringing accolades to the crypto sector, as the premier digital currency faced another setback. A similar pattern was observed in the majority of other major cryptocurrencies, with numerous large-cap assets suffering substantial declines.
Regrettably, the latest Bitcoin price trends indicate that it may not be secure at present. There’s a possibility of additional price decreases in the near term.
Is $60,000 The Next Stop?
As a blockchain analyst, I’d like to share some insights from a recent report by CryptoQuant, a reputed blockchain intelligence firm. Based on Bitcoin’s latest price movements and the loss of a crucial support level, their analytics suggest that the premier cryptocurrency could potentially reach the $60,000 mark.
On Tuesday, June 18, the Bitcoin price dipped below $65,000 for the first time in over a month. This decline didn’t last long, and by Thursday, BTC had rebounded to reach $66,000 once more. However, the cryptocurrency market took a turn for the worse, causing Bitcoin’s price to plummet further down to $63,500 on Friday, June 21.
#Bitcoin is trading below the critical support level of $65.8K, now below $64K.
Falling under this threshold suggests a potential 8%-12% correction toward $60K.
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
According to CryptoQuant’s assessment, the Bitcoin price presently falls short of the crucial $65,800 mark, representing the on-chain realized price for traders. This price benchmark may function as a support level, potentially indicating a forthcoming decrease if Bitcoin’s value fails to maintain it and instead drops.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing pattern based on data from CryptoQuant. Whenever Bitcoin’s price dips below its on-chain realized price, it typically triggers an 8-12% correction. This trend explains the $60,000 price target that some analysts have proposed. The weakening on-chain indicators of the market leader further bolster this bearish outlook.
According to CryptoQuant’s analysis, the interest in Bitcoin among traders has waned as short-term holders have stopped buying and instead sold off their coins. On the other hand, the influence of large investors or “whales” on the market is currently insufficient to generate the robust buying pressure typically indicative of a bullish trend.
As a researcher studying the cryptocurrency market, I’ve noticed that the liquidity of stablecoins has been decreasing consistently, which could be impacting the ongoing Bitcoin bull run. For example, Tether USD’s (USDT) market capitalization growth over the past 60 days has slowed significantly, from $12.6 billion in late April to just $3.7 billion currently – a rate not seen since November 2023.
As a market analyst, I would observe that a substantial increase in stablecoin liquidity is essential to fuel significant price gains in the cryptocurrency market.
Bitcoin Price At A Glance
At present, Bitcoin’s price stays roughly at $64,000, marking a 1.2% decrease within the last day’s span. Over the past two weeks, Bitcoin has experienced a noteworthy drop in value, amounting to approximately 8%, based on CoinGecko’s latest data.
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2024-06-22 13:34