Bitcoin

Drops

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] experienced losses of 7.84% on June 24th, potentially due to news developments around Mt. Gox repayments.</li> 
 <li>Despite a strong demand zone around $59k, bearish pressure might lead to a further 10% BTC price drop.</li> 
</ul> 
<p> Bitcoin [BTC] saw a notable decrease of 7.84% on June 24th. This may be a result of recent news surrounding repayments from the Mt. Gox bankruptcy.</p> 
<p>A sudden drop in price was predicted earlier, and a few hours later BTC fell to $58.4k. It has since bounced back slightly, trading at $61.1k at the time of reporting.</p> 
<h2 id="range-formation-and-support-zone">Range Formation and Support Zone</h2> 
<p>On June 16th, Bitcoin bounced from $66k to $66.9k, retesting the range highs as resistance. Since then, it has trended downward, nearing the lows at $59.7k. It is expected that the $59k-$60k support zone could facilitate a BTC recovery.</p> 
<p>The daily RSI supports this prediction. It dropped to 25.6 on Monday, but was 30.38 at press time. This suggests a potential recovery as the RSI rallies above 30.</p> 
<p>However, the OBV trend indicates strong selling pressure over the past two weeks. This trend needs to be reversed before confidence can be regained.</p> 
<h2 id="potential-for-further-price-drops">Potential for Further Price Drops</h2> 
<p>Despite the $59k region being a strong demand zone, it may not be enough to counteract the bearish pressure. Analysis of liquidation data suggests that we could see a further 10% BTC price drop.</p> 
<p>The 6-month lookback period chart shows a high concentration of long liquidations around the $55k mark. This could act as a magnetic zone, pulling prices towards it before the higher timeframe uptrend can resume.</p> 
<p>While this may cause concern, traders and investors are advised not to sell immediately. A visit to the $55k region could present a buying opportunity rather than a cause for panic.</p> 
<p>Please note that the information presented is not financial, investment, or trading advice and is solely the writer’s opinion.</p>

Bitcoin: How a Dip Below $60K Might Benefit BTC Enthusiasts

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CoinEagle.com

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