Future

Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin briefly fell below $60,000 on June 24, but quickly recovered to over $62,000.</li> 
 <li>The cryptocurrency’s next targets could be $64,600 or $58,150, depending on market pressure.</li> 
</ul>  
<p>Bitcoin [BTC], the cryptocurrency with the largest market capitalization, experienced a brief dip below $60,000 on June 24.</p> 
<p> This was the first time the digital currency reached such a level since May 3.</p> 
<h2 id="bitcoin-s-recovery">Bitcoin’s Recovery</h2> 
<p>Despite the drop, Bitcoin quickly bounced back. At one point, it was discovered that Bitcoin reached $62,814, with the broader market expecting higher prices.</p> 
<p> However, the value later changed hands at $61,107.</p> 
<p> Prior to this price drop, traders in the derivatives market had anticipated the move.</p> 
<p>Bitcoin’s dip was largely due to heavy sell-offs from the German Government on June 19.</p> 
<p> Negative sentiment was further fueled by the confirmation that Mt.Gox, the erstwhile crypto exchange, would begin distributing $8.6 billion worth of BTC to its creditors by July.</p> 
<h2 id="market-response">Market Response</h2> 
<p>This development sent shockwaves through the market, with many suggesting weaker conditions for Bitcoin.</p> 
<p> However, increased calls for a market “bottom” across social media was one of the reasons Bitcoin bounced back.</p> 
<p> Historically, when social volume and dominance of bottom calls spike, it leads to a significant rebound.</p> 
<p>Despite this, the question remains: will Bitcoin jump again?</p> 
<p> To predict this, Bitcoin’s Liquidation Heatmap was examined. This indicator predicts prices where severe liquidations might occur.</p> 
<h2 id="future-volatility">Future Volatility</h2> 
<p>High areas of liquidity suggest that prices could move in that direction. At the time of writing, high liquidity was observed at $64,600.</p> 
<p> Therefore, if spot buying pressure increases, Bitcoin could hit this level.</p> 
<p> Conversely, another cluster of liquidity existed at $58,150, indicating that if selling pressure increases, Bitcoin could fall below $60,000 again.</p> 
<p>In the last 24 hours, BTC contracts liquidated reached $152.71 million. Liquidation occurs when a trader can no longer fulfill the margin requirements to keep a position open.</p> 
<p> For Bitcoin, the high volatility in the market caused a cascade of liquidations.</p> 
<p> Notably, long positions were the top casualty with $121.65 million wiped out in 24 hours, while shorts accounted for $31.06 million.</p> 
<p>Traders might need to proceed with caution as Bitcoin’s direction in the short term remains uncertain.</p>

Bitcoin Rebounds from Sub-$60K Drop: What’s the Future Outlook?

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CoinEagle.com

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