Bitcoin Plummets Critical Thresholds to Monitor for Potential Rebound or Extended Decline

Bitcoin’s price has experienced a decline, dropping below $58,000 and currently resting at around $55,000. This unexpected decrease has caused concern among cryptocurrency investors, who are now wondering how far the price will continue to fall. In a recent post by crypto analyst Ali on X, the situation is examined in more detail.

Ali focuses on the key support and resistance levels for Bitcoin. The main support level, which acts as a demand wall, is located at approximately $47,000. It is crucial for Bitcoin traders and investors to closely monitor this level, as a breach could result in increased selling pressure and a significant drop in price. On the other hand, the primary resistance level stands at around $61,000. Bitcoin must surpass this barrier in order to regain its upward momentum. A sustained move above this resistance level is necessary to reignite bullish sentiment.

Over the past 24 hours, Bitcoin’s price has fallen by 4.1%, and over the last seven days, it has experienced an 11.5% decline. This sharp decrease has occurred over the course of the past four days. On June 5, Bitcoin was valued at approximately $71,132. However, on June 24, it slipped below $61,000 for the first time since May 10. Although there was a slight increase in price afterwards, a significant selling pressure on July 2 resulted in a sharp market plummet. If this downward trend continues, there is a possibility that the price will reach the critical support level of $47,000.

It is advised that Bitcoin traders pay close attention to the suggested support and resistance levels as indicated by Ali’s analysis. This information may prove valuable in making informed decisions regarding Bitcoin investments. What are your thoughts on this crypto analyst’s predictions? Share your opinions with us!

Tags: Bitcoin, Price Analysis