Bitcoin prices have been declining steadily over the last seven days, as a result of several market and economic developments. CoinMarketCap data shows the top cryptocurrency is hovering around the $60,000 range, and has lost more than 11.17% in market value over the past seven days. Crypto enthusiasts hope Bitcoin’s price will stabilize soon. But CryptoQuant analyst abramchat predicted the reverse, predicting that the cryptocurrency market leader might experience even more losses.
Bitcoin Price: Far from Recovery?
It is not a Quicktake post On CryptoQuant abramchat said that despite recent market decline, Bitcoin now has lost a critical short-term stability at $64,580. This is the average price investors purchased Bitcoin in the past six month. Such development implies that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses.
Bitcoin’s recent price drop can be explained by economic and politics news that have affected many. financial The stock exchange is a market that has been emphasized. significant losses The week of Thursday and the Friday.
Bitcoin’s drop in price is likely also influenced by the defunct cryptocurrency lender Genesis finally commencing After declaring bankruptcy, in January 2023, the debtor will be able to make repayments. This Friday. Genesis Transferred $1.5 billion Ethereum and Bitcoin in order to reduce $4 billion of debt.
Commenting on Bitcoin’s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. Such low prices were last seen at the beginning of July after the German Government’s market-wide selloff.
Abramchart also warns investors not to rush into purchasing altcoins. Analysts believe that the current market is a good time to buy altcoins. “negativity” This could have an adverse effect on all coins, not just Bitcoin.
BTC Price Overview
Bitcoin currently trades for $60,597 after a 1.2% decline over the past 24 hours. The premier cryptocurrency fell below $60,000 on Saturday, for the first since mid-July.
Bitcoin’s current daily trading volume also shows a decline of 24.45%. It indicates that there is a reduced level of interest as reflected by the decreased buying and/or selling activity. Bitcoin’s market capitalization of $1.19 billion makes it the world’s largest digital currency and ninth largest globally. financial asset.
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Source: www.newsbtc.com