2024

Cryptocurrency

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin market faces uncertainty with potential for new shorts to be liquidated at $61K and $68K.</li> 
 <li>Despite the risk, Bitcoin whales are accumulating, suggesting a potential price rise.</li> 
</ul>  
<p>Bitcoin is currently in a state of uncertainty, having difficulty maintaining a clear upward trajectory after recovering from the downturn on the 5th of August, triggered by a crash in Japan’s stock market.</p> 
<p>At the time of writing, Bitcoin was just under the $60K mark, with challenges still ahead. A cluster of 4,000 new shorts are poised, with spot sell orders just above $61K.</p> 
<h2 id="bitcoin-s-potential-hurdles">Bitcoin’s Potential Hurdles</h2> 
<p>Bitcoin could potentially break the $60K price level overnight, but may stall at $61K. This is a downside as high-leverage long liquidations loom around the $58K price mark.</p> 
<p>Furthermore, $9.17 billion in Bitcoin shorts could be liquidated if Bitcoin reaches $68K, which also poses a threat to its ability to reach new highs.</p> 
<p>On the other hand, other data supports Bitcoin’s continued recovery, potentially reaching a new all-time high by Q4 2024 or Q1 2025.</p> 
<h2 id="buying-opportunities-and-whale-accumulation">Buying Opportunities and Whale Accumulation</h2> 
<p>Bitcoin recently dropped below the 200-day Simple Moving Average but has double bottomed, a key indicator for the continuation of long-term trends.</p> 
<p>In a bull market, this dip can present a buying opportunity, suggesting a potential rebound. However, if Bitcoin’s price remains below the 200-day SMA for an extended period, it could signal the beginning of a bear market.</p> 
<p>Despite this risk, analysts believe that Bitcoin is unlikely to enter a prolonged downturn at this stage. The current situation suggests a temporary dip rather than the start of a bearish phase, with a strong possibility for recovery and continued growth.</p> 
<p>Bitcoin whales are also increasing their holdings, indicating a potential price rise. Analysts note that large investors and traders are buying during the price dips, a pattern that often leads to price spikes.</p> 
<p>This trend, coupled with recent halving events and growing institutional interest through Bitcoin ETFs, suggests that Bitcoin’s prices may rise soon.</p> 
<p>The global money supply has also reached a new all-time high, boosting buying power and likely increasing Bitcoin’s price. With more money in circulation, buying pressure rises, making Bitcoin a strong long-term investment. The continuous increase in money supply supports Bitcoin’s potential for future gains.</p>

$244M Bitcoin Liquidation at $61K: What’s Next for the Cryptocurrency Market?

Table of Contents

CoinEagle.com

Other articles published on Aug 19, 2024

11 critical moments in Ethereum’s history that made it the No.2 blockchain

74% Of Bitcoin Stays Put For 6 Months As Investors Bet On Long-Term Value Despite Price Drop

Pepe the Wizard (PEPEWIZZ) Solana Memecoin to Skyrocket 19,000% Ahead of First Exchange Listing, ...

Nigerian Tax Authority to Unveil Crypto Regulation Bill in September

New Prime Minister’s Rise Fuels Speculation of Thailand Becoming a Global Crypto Hub

RAKBANK partners with Bitpanda to bring in a new digital asset management platform

Join our free newsletter for daily crypto updates!