Bitcoin

The post <a href="https://coinpedia.org/price-analysis/with-cz-in-prison-300m-liquidations-drop-btc-price-to-60k/">With CZ in Prison, $300M+ Liquidations Drop BTC Price To $60K</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
As the founder of Binance, Chanpeng Zhao was sentenced to four months in prison; BTC and other altcoins price experienced a massive drop. Amidst this legal storm, the crypto world witnesses a $322 million-long liquidation, per <a href="https://www.coinglass.com/LiquidationData">Coinglass</a>.&nbsp; 
The legalities increase the FUD in the crypto world and lead to the lowest closing price in Bitcoin in the last 60 days. With bears gaining control, the BTC price drops under $60,000 for a brief moment.&nbsp; 
The bears undermining critical support nullify the bullish pattern in the daily chart. With this sell-off phase, is the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price prediction</a> of $100,000 nullified? Let’s have a closer look at the BTC price chart to analyze the upcoming trend.&nbsp; 
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2> 
With $95 million in long liquidations, the Bitcoin price fails to find a fourth bounce back from the $60,000 support zone. The 5% drop last night created a massive bearish candle cracking under the support zone.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1.png" alt="" class="wp-image-296351" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-1-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure> 
<a href="https://www.tradingview.com/x/r3fxX8Uq/">Tradingview</a> 
With the bearish candle, the bullish flag fails to hold its ground and signals a potential downside reversal. Further, with a spike in FUD sentiments, the Bitcoin price might soon drop to even lower levels.&nbsp; 
Technical indicators like the MACD and RSI project a gradual rise in bearish momentum. The negatively trending MACD and signal lines as the daily RSI drops closer to the oversold zone signal a potential drop. 
Currently, the BTC price trades at $60,126 and an intraday drop of 0.61% projecting a minor slowdown in sell-off. Further the bearish sentiments are could exhaust soon considering the four month prison sentence is much lighter than anticipated.&nbsp; 
<h2 class="wp-block-heading" id="h-will-bitcoin-dominance-take-a-reversal">Will Bitcoin Dominance Take A Reversal?</h2> 
Bitcoin dominance reflects the percentage of Bitcoin’s share in the overall crypto market over that of altcoins. With the recent sell-off, the dominance of BTC over altcoins is expected to drop in coming weeks.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2.png" alt="" class="wp-image-296352" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/01104413/image-2-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure> 
<a href="https://www.tradingview.com/x/bVnu6vr8/">Tradingview</a> 
As per the logarithmic monthly chart, Bitcoin’s rising dominance approaches a resistance trendline. Closer to a pivotal stage, the sell-off increases the likelihood of a drop in Bitcoin’s price and dominance. Hence, the higher price rejection in this month’s dominance candle warns of a potential reversal. 
<h2 class="wp-block-heading" id="h-will-btc-price-crash-under-60-000">Will BTC Price Crash Under $60,000?</h2> 
Despite the sentiments fueled high momentum downfall, Bitcoin avoids a closing price under $60,000. With a lower price rejection, the demand at this psychological zone stands against the sell-off.&nbsp; 
With the failed bullish flag pattern, the chances of a drop below $60,000 are on the higher side. In such a case, the prices could drop to the $55,000 or $52,000 support level.&nbsp; 
Optimistically, a reversal rally could hit the $68,823 mark if the market overcomes the short-term FUD.&nbsp;

With CZ in Prison, $300M+ Liquidations Drop BTC Price To $60K

Table of Contents

CoinPedia News

Other articles published on May 1, 2024

Bitcoin Market Sees Sell-Off Before FOMC Meeting

Bitcoin Faces Resistance at $62,000: Will It Hold?

Doge With Hat (DOGEHAT) Will Rally5,500%, as Shiba Inu and Bonk Lag

Insider Perspective: Bitgert Coin’s Potential for Remarkable Progress This Week

AI-Powered Dog-Themed Meme Coin Presale Now Live – The Next Meme To Explode?

Why Is Interest in Solana Rising?

Join our free newsletter for daily crypto updates!