Breaking Alert Bitcoins Price Could Plummet to 55000 Heres the Reason Why

Bitcoin traders are growing increasingly anxious as the cryptocurrency struggles to maintain its value. As of June 29, 2024, Bitcoin’s price stands at $60,845, and experts are concerned that it could drop further to $55,000.

Bitcoin’s recent performance has been a rollercoaster ride. At the beginning of June, it was priced around $67,719 and reached a peak of $71,000 on June 5. However, the price has since weakened, fluctuating between $60,000 and $61,800 this week. Over the past 30 days, Bitcoin has seen a decline of 10.1%, with a 7-day change of -5.4% and a 24-hour change of -1.0%.

Several factors are contributing to the potential decline of Bitcoin. Trend models indicate that Bitcoin entered a downtrend on June 20, which could lead trend-following funds to increase their short positions. Technical indicators, such as weekly and monthly reversal indicators, suggest a broader correction. The weekly RSI has been declining since its peak in early March, and the monthly Stochastics resemble previous multi-month peaks, indicating a possible steeper decline. Additionally, Bitcoin’s repeated failure to break above higher resistance levels has formed a double-top price pattern, further suggesting a potential drop. The halving event that occurred on April 20 has also had an impact on Bitcoin’s price, with traders speculating on its effects. The current market phase sees Bitcoin in a consolidation phase following a historic bull run fueled by the launch of spot US Bitcoin ETFs and the halving event. Since its peak of $73,797 on March 14, the BTC price has declined over 16%.

As Bitcoin continues to navigate through these challenging times, the future of the market remains uncertain.