Plunge

Flow

bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Despite a recent price drop, the number of long-term Bitcoin holders has increased.</li> 
 <li>If a bullish takeover occurs, Bitcoin might first reclaim $68k.</li> 
</ul> 
<p> Bitcoin [BTC] experienced a significant drop in the past 24 hours, failing to retest its all-time high as many had anticipated. In the past few hours, however, BTC has somewhat stabilized near $66k.</p> 
<h2 id="bitcoin-s-recent-downturn">Bitcoin’s Recent Downturn</h2> 
<p>According to data from CoinMarketCap, BTC’s price has fallen by over 4% in the last 24 hours. At the time of writing, the cryptocurrency was hovering around $66k, with a market capitalization exceeding $1.31 trillion.</p> 
<p>Data from IntoTheBlock reveals that despite the recent setback, the number of long-term Bitcoin holders (those holding BTC for more than a year) is on the rise. CryptoQuant’s data shows that its binary CDD is green, indicating that the movement of long-term holders in the last week was lower than average, suggesting a motivation to hold onto their coins.</p> 
<h2 id="upcoming-targets-for-bitcoin">Upcoming Targets for Bitcoin</h2> 
<p>A review of BTC’s daily chart reveals potential future directions. The Relative Strength Index (RSI) suggests a few more days of consolidation, while the MACD indicates the possibility of a bearish crossover. However, the Bollinger Bands suggest that BTC is about to test its 20-day Simple Moving Average (SMA). An increase in the Chaikin Money Flow (CMF) suggests that Bitcoin may successfully test this support.</p> 
<p>If the bearish trend continues, Bitcoin could drop to $65k as liquidation increases. A further drop could push BTC down to around the $60k range. However, if a trend reversal occurs, BTC might reclaim $68k before attempting to retest its all-time high. If BTC manages to retest its all-time high, it will be interesting to see if it can surpass it.</p>

Warning Signs in Bitcoin’s Liquidation Patterns: Is a Plunge to $60k Upcoming?

Indice dei contenuti

CoinEagle.com

Altri articoli pubblicati su 31 lug 2024

Vitalik Buterin Comes out as Dogecoin (DOGE) Holder

Ethereum (ETH) and Ripple (XRP) Drop Due to Political Uncertainty, While Clandeno (CLD) Gains Att...

UAE Crypto Trade Revolution: Bank Account Integration with M2

Take Part In UseTheBitcoin’s Exclusive List Of Crypto Airdrops

Internet Computer Price Sets Out For 12% Surge

XRP Bullish Signal: Shark & Whale Population Sharply Growing

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!