In this Crypto Market Crash Bitcoin Price Plummeting to New Lows
Bitcoin is currently facing a challenging market environment with a price hovering around $55,000. The unexpected drop below the critical $58,000 level has caused a wave of panic in the cryptocurrency market. Investors are now left wondering how far this downward trend will drag the price. A recent post by crypto technical and on-chain analyst, Ali, sheds some light on this situation. Here are the key points shared by the expert!
Ali’s Focus on Bitcoin’s Price Levels
Ali has emphasized the importance of support and resistance levels in his analysis. He points out that the main support level for Bitcoin is at $47,000, urging traders and investors to keep a close eye on this level. He warns that a breach of this support level could lead to intensified selling pressure and a significant price decline. On the other hand, Ali identifies the primary resistance level at $61,000, highlighting it as a crucial barrier for Bitcoin to overcome in order to regain bullish momentum. According to him, a sustained move above this resistance level is essential to spark a positive sentiment in the market.
General Overview of the Bitcoin Market
Over the past 24 hours, Bitcoin has experienced a 4.1% price drop, while in the last 7 days, it has witnessed an 11.5% decline. The price has seen a sharp decline over the last four days, falling from $71,132 on June 5 to below $61,000 on June 24 for the first time since May 10. Despite a slight recovery, a significant selling pressure on July 2 caused a sharp market downturn. If this trend persists, there is a possibility that the price may reach the key support level of $47,000.
Looking Ahead: A Predicted Bitcoin Price Crash
As investors brace for a potential market crash, Peter Schiff predicts that Bitcoin’s price could plummet to $38,000. The analyst’s insights suggest that closely monitoring the recommended support and resistance levels is crucial for Bitcoin traders. Do you agree with the analysis provided by this crypto expert?
Tags: Bitcoin, Price Analysis