bullish

Waves

Bitcoin

BlackRock

The post <a href="https://coinpedia.org/price-analysis/crypto-market-today-bitcoin-price-plunges-below-60000-circulating-bearish-waves-across-space-whats-next/" rel="noopener noreferrer nofollow">Crypto Market Today: Bitcoin Price Plunges Below $60,000 Circulating Bearish Waves Across Space—What’s Next?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto markets faced yet another pullback, losing over 2.2% in market capitalization just before the end of the last trading day. More than $100 billion has been whipped out of the markets while the selling pressure remains within the range. As a result, the Bitcoin price plunged heavily below $60,000, sending shock waves across the crypto markets. Now the question arises whether the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> rally has halted or may undertake a fresh divergence in the coming days.&nbsp;
One of the major reasons for the drop could be the BTC open interest, which has been whipped out by 9.26% for nearly $3.26 billion. Besides, the US stock market closed in green while BlackRock recorded one of the largest inflows yesterday in the past several months of almost $220 million worth of BTC. On the other hand, the platform also recorded one of the largest outflows of Bitcoin from the exchanges since September 2023.&nbsp;&nbsp;
Now that the BTC balance on the exchanges is the lowest in the past several months, the current pullback is just another flush. Therefore, it is not the time to be bearish on Bitcoin, as the ongoing retracement may be over very soon.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd1JS_xlF64ELo_Q--64MVgnWTFHrR56KqtW7LEwSpOKyvkwGBZklAssaBggmOUqf5WaR5tyDWHasBZEgbaMSX_jmcrNRczek9mbfI8n-eExtRMfLBQqtrzKuU7uQsRhCrweIyRuVPQ4kJ5GnEJ-c8GVOIO?key=x1kkZd5tRKQDrC0c0OFGSg" alt="">
</figure>
The total market cap of the entire market capitalization is stuck within a bearish range in a descending parallel channel. The technicals are against the bulls and hence a more bearish pullback may be expected in the coming days. The RSI is heading towards lower support while the MACD is still bearish as the buying volume has not revived, although the selling pressure has faded. Therefore, there are greater possibilities of the market maintaining a bearish trend while the support at $2 trillion may be shaken for a while.&nbsp;
Besides, the volume has also been drained to some extent, which suggests less participation from the traders. Therefore, until and unless the global market capitalization remains stuck within the range, there may be less possibility of a bullish reversal. Hence, the upcoming weeks could be bearish on the crypto markets, mainly until the end of Q3 2024.&nbsp;

Crypto Market Today: Bitcoin Price Plunges Below $60,000 Circulating Bearish Waves Across Space—What’s Next?

CoinPedia News

Other articles published on Aug 28, 2024

Vitalik Buterin Airdrop Suggestions: Community Rewards, Fairness, & More!

BlockDAG’s Dev Release 103: What You Need to Know Now!

Exploring the Details of New Zealand Crypto Bill

Why Ethereum Price Cannot Recover? Analysis Firm Reveals Four Major Events That Dumped ETH!

Explosive Growth: Top 5 Cryptos Set to Break Out This Week

Top 3 Performing Meme Coins Of August: NEIRO, YOUNES, SUNDOG

Join our free newsletter for daily crypto updates!