Bitcoin price performance Over the past seven days, the cryptocurrency market failed to impress as its leading currency struggled yet again. The trend was seen across all major assets. Many of them suffered significant losses.
Recent price data indicates that Bitcoin is still vulnerable to further declines in the days ahead.
Can You Stop at $60,000?
It’s a brand new world reportCryptoQuant, a blockchain intelligence company, has made an intriguing prediction for Bitcoin’s price based on the recent movements. The analytics platform predicts that the price of Bitcoin could reach $60,000 after it lost a major support level.
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On June 18, Tuesday Bitcoin price fell For the first time since over a week, BTC fell below $65,000. BTC’s price didn’t remain below this level too long as it quickly rose back up to $66,000 on Thursday. But the leading cryptocurrency fell victim to bearish pressure and dropped as low at $63,500 by Friday, 21st June.
#Bitcoin It is currently trading below $65,8K.
Under this threshold, you may see a correction of 8-12% towards $60K. pic.twitter.com/hXwUkC13up
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
CryptoQuant, in its analysis, postulates the Bitcoin price to be below $65,800, which is a trader’s realized on-chain price. This indicator is a level of support that can signal a decline when the BTC price breaches it.
CryptoQuant claims that whenever the Bitcoin price falls below the actual on-chain value, there is an 8-12% correction. That’s why they set the target price at $60,000. This bearish prediction is supported by the declining on-chain metrics for the market leader.
The explanation is given by CryptoQuantThe traders’ demand has declined, since the holders of short-term BTC aren’t buying BTC anymore, they have been reducing their BTC. While the large investor (whales’) demand is not as strong at the moment, it has been associated with bullish movement.
Stablecoin liquidity is also on a decline and this has put a damper on the Bitcoin bull market. For instance, the 60-day growth in Tether USD’s (USDT) market capitalization has slowed down from $12.6 billion in late April to $3.7 billion as of now — the slowest growth rate since November 2023.
Stablecoin liquidity must be increased to start the price rally in the cryptomarket.
Bitcoin Price in a Glimpse
The date of the current article is: Bitcoin price In the last day, it has dropped by 1.2%. According to CoinGecko, in the last two weeks the value of the leading cryptocurrency fell by almost 8%.
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Featured image is from iStock and chart comes from TradingView
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Source: www.newsbtc.com