Bitcoin

<p>The news around bitcoin (BTC) is marked by a notable drop below crucial price levels. This decline raises concerns among traders and analysts, who fear repercussions on the cryptocurrency market.</p>
<h2 id="h-une-baisse-critique-sous-les-niveaux-de-support">A critical drop below support levels</h2>
<p>Bitcoin recently slipped below the $64,000 mark. The crypto asset notably reached an intraday low of $63,770, recording a 3.4% drop in 24 hours. According to experts, this <a href="https://www.cointribune.com/en/michael-saylor-remains-confident-despite-bitcoin-fall/" target="_blank" rel="noopener noreferrer nofollow">drop</a> is not directly related to the Mt. Gox repayments, as some have suggested. It is rather a result of the overall market sentiment. Ki Young Ju, CEO of CryptoQuant, <a href="https://ambcrypto.com/how-litecoin-dogecoin-are-winning-the-altcoin-adoption-race/" target="_blank" rel="noopener noreferrer nofollow">stated</a> that “trading volumes on Kraken remained normal”, thus ruling out the hypothesis of a direct impact of Mt. Gox repayments on this drop.</p>
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<p>Additionally, traders seem to be using significant leverage to buy the dip. This has led to the creation of a $30 million liquidation zone near the $63,800 threshold. If the price of bitcoin falls below this level, it could trigger a massive sell-off, further amplifying the downward pressure.</p>
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<h2 id="h-reactions-des-acteurs-du-marche">Market participants’ reactions</h2>
<p>Despite this situation, some market participants see buying opportunities. An account specializing in on-chain analysis revealed that an “intelligent whale” recently acquired 244 BTC, worth $16 million. In total, this whale has accumulated 921 BTC worth $60.6 million, at an average price of $65,821 per BTC. This shows continued confidence in bitcoin’s potential, even during a dip.</p>
<p>Furthermore, a technical analyst pointed out that BTC maintains a key support at $63,350. It is still above the 200-period exponential moving average (EMA) on the hourly chart. This support could indicate a potential recovery, although market sentiment is a crucial factor to monitor.</p>
<p>The implications of this situation are manifold. A break below critical support levels could trigger a massive sell-off. This is likely to drop bitcoin’s price towards the next support level at $60,300. Conversely, if bitcoin manages to stay above these levels, investor confidence could return, favoring a price recovery.</p>
<p>Investors need to remain vigilant and closely monitor technical indicators as well as market news to navigate this uncertain period. The current situation highlights the challenges faced by the <a href="https://www.cointribune.com/en/cardano-challenges-the-crypto-market-despite-the-collapse-of-its-tvl/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>, notably volatility and the impact of market sentiment on price movements.</p>

Bitcoin: A drop below key levels worries traders

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Cointribune EN

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