The Bitcoin price performance over the previous week did not carry glory to the crypto market, because the main cryptocurrency struggled as soon as once more. This development was mirrored throughout nearly all large-cap belongings, a lot of which skilled vital losses.
Sadly, current worth motion information means that the Bitcoin worth is just not protected but, as there’s potential for additional draw back over the approaching days.
Is $60,000 The Subsequent Cease?
In a brand new report, blockchain intelligence agency CryptoQuant put ahead an attention-grabbing prognosis for the worth of Bitcoin primarily based on its current motion. In response to the analytics platform, the premier cryptocurrency may very well be headed for the $60,000 worth mark after shedding a big help stage.
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On Tuesday, June 18, the Bitcoin price fell beneath 65,000 for the primary time in over a month. The value of BTC didn’t keep beneath this stage for too lengthy, because it rapidly climbed again to $66,000 by Thursday. Nevertheless, the premier cryptocurrency succumbed to the bearish strain, falling as little as $63,500 on Friday, June 21.
#Bitcoin is buying and selling beneath the essential help stage of $65.8K, now beneath $64K.
Falling underneath this threshold suggests a possible 8%-12% correction towards $60K. pic.twitter.com/hXwUkC13up
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
In its evaluation, CryptoQuant postulates that the worth of Bitcoin is presently beneath the very important $65,800 stage, which is the dealer’s on-chain realized worth. This worth indicator can act as a help stage, signaling an impending decline if the BTC worth breaks it to the draw back.
In response to CryptoQuant, each time the Bitcoin worth crosses beneath the on-chain realized worth, it undergoes an 8-12% correction, which explains the $60,000 worth goal. Apparently, the waning on-chain metrics of the market chief help this bearish projection.
As defined by CryptoQuant, merchants’ demand for Bitcoin has continued to say no, because the short-term holders aren’t buying BTC however slightly reducing their holdings. In the meantime, the demand from massive buyers (whales) presently lacks the energy usually related to bullish momentum.
Moreover, stablecoin liquidity has been on a gentle decline, placing a pressure on the Bitcoin bull run. As an example, the 60-day progress 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 progress charge since November 2023.
Naturally, greater stablecoin liquidity is required to kickstart worth rallies within the crypto market.
Bitcoin Worth At A Look
As of this writing, the Bitcoin price continues to hover round $64,000, with a 1.2% decline within the final 24 hours. Up to now two weeks, the premier cryptocurrency has decreased in worth by practically 8%, in line with information from CoinGecko.
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Featured picture from iStock, chart from TradingView
