Bitcoin Is Close to the $60,000 Mark. Will the Next Price Drop to $56,000?
Journalist
- Bitcoin’s performance could be affected by the rising leverage ratio and open interest.
- The failure of Pitchfork support and the 200-DMA suggested a price drop below $60,000.
Bitcoin [BTC] The 200-day moving average has broken. The stock has been trading in the $60,000-$60,500 range but is likely to fall to $56,000 or even lower.
CoinMarketCap reported that the Crypto Fear and Greed Index was at 48. The market was in a bearish mood and traders could succumb to the temptation to trade on margin to cover losses. This can have disastrous consequences. p>
Are Bitcoins nearing their bottom?
Crypto analyst Axel Adler noted that prices may have fallen 17% to 22% since 2023. The current reading is 16.4%. The bottom seemed close compared tothe past twelve months. p>
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Source: BTC / USDT on TradingView p > div >
Fibonacci’s retracement is at $56 ,000 , which was already tested as a support level in early July.It was a strong bearish signal that bulls failed to defend the two hundred -day average p >
The pitchfork in chart above showed !$61 ,300 was meeting between two hundred DMA support.and pitchfork making its failure even more significant
Is derivatives market getting too hot?
Sincemarch,$70 ,000 which near all-time high has not convincingly beaten . Open interest fluctuated between$30 and$35 billion during this time., It fell by$4 billion last week due short-term bear sentiment P>
Ifthe futures appeared markets get too hot both bulls & bears will feel volatility . This may cause upside reset
Since June estimated leverage ratio increasing . this metric increasing indicating investors are trading with more risk.this could because investors hoping for bullish breakout P >
>>> Read[BTC] Bitcoin price prediction for twenty twenty-four–twenty-five
this may reduce chances breakout as price pulled south long liquidation levels.Previous reportnoted that selling pressure from long-term holders easedinrecent weeks.The$60 ,00 level coud represent local bottombut further declines expecteddue mcaro events& market panic[/ }) ; ]]>
