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The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. 
<h2 id="strong-bitcoin-price-far-from-recovery-strong">Bitcoin Price Far From Recovery?&nbsp;</h2> 
In a <a href="https://cryptoquant.com/insights/quicktake/66ae57d792025e70b111a156-Bitcoin-has-lost-its-crucial-support" target="_blank" rel="noopener nofollow">Quicktake post</a> on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies&nbsp;that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses.&nbsp;&nbsp; 
According to abramchat, Bitcoin’s recent price fall can be attributed to economic and political news which have negatively impacted several financial markets prominently the stock market which recorded<a href="https://fortune.com/2024/08/02/stock-market-plunges-recession-fears/" target="_blank" rel="noopener nofollow"> significant losses</a> on Thursday and Friday. 
Bitcoin’s price drop is also likely influenced by defunct crypto lender Genesis <a href="https://bitcoinist.com/genesis-finalize-restructuring-initiate-repayments/" target="_blank" rel="noopener nofollow">finally commencing</a> repayments to creditors after declaring bankruptcy in January 2023. On Friday, <a href="https://www.newsbtc.com/news/genesis-acquires-over-32000-btc-after-offloading-gbtc-shares/" target="_blank" rel="noopener ">Genesis</a> transferred out $1.5 billion in Ethereum and Bitcoin as they aim to offload $4 billion in debt. 
Commenting on Bitcoin’s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. However, such low price levels were recently seen in early July, following the massive market sell-off by the German government. 
In addition, abramchart has warned investors to be cautious in purchasing altcoins at the moment. The analyst believes the current market “negativity” could produce a significant deleterious effect on other coins aside from Bitcoin. 
<h2 id="strong-btc-price-overview-strong">BTC Price Overview</h2> 
At the time of writing, Bitcoin trades at $60,597 following a 1.20% decline in the last day. Notably, the premier cryptocurrency dipped below the $60,000 mark on Saturday for the first time since mid-July. 
Currently, Bitcoin’s daily trading volume is also down by 24.45%, indicating a low level of interest due to diminished buying and selling activities. However, with a market cap of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/GJOXJYAb/" alt="Bitcoin" width="1480" height="893">

Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst

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