Ethereum

Bitcoin

James

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-falls-below-key-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Falls Below Key Level</a><br></p>
<p style="text-align: justify">The price of <a href="https://en.bitcoinhaber.net/bitcoin-soars-past-60000-as-market-confidence-grows" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) dipped below the crucial support level of $64,602, raising concerns of a further decline to $60,000. Currently, Bitcoin is trading at $64,160, struggling to break free from its extended stagnation. The factors behind this stagnation and the medium-term targets are under scrutiny.</p>
<h2 id="what-is-the-reason-for-bitcoin-s-struggle">What Is the Reason for Bitcoin’s Struggle?</h2>
<p style="text-align: justify">For several months, Bitcoin has been confined within a range of $56,552 to its all-time high of $73,777. Despite minor fluctuations, Glassnode’s chief analyst James Check advised not to be discouraged by these movements. He highlighted that such patterns are common and should be expected.</p>
<p style="text-align: justify">Meanwhile, analysts at Bernstein have increased their BTC price target by $50,000 for the end of the next year, predicting a peak of $200,000 by 2025. Despite a generally bearish sentiment among analysts, the long-term upward trend remains. Additionally, MicroStrategy revealed it acquired 11,931 BTC at an average price of $65,883, showing confidence despite the prevailing negative market sentiment.</p>
<h2 id="what-does-this-mean-for-ethereum">What Does This Mean for Ethereum?</h2>
<p style="text-align: justify">On June 20, Ethereum (ETH) faced challenges in surpassing the 20-day EMA. Currently, it has failed to stay above this level, despite updates from the S-1 Form. Bears argue that further pressure from Germany’s billion-dollar BTC sale may continue affecting the market.</p>
<p style="text-align: justify">If Ethereum’s price falls below the SMA50 at $3,458, larger losses could ensue, potentially dropping to $3,000. For bulls to regain control ahead of the possible ETF approval, ETH must hold above $3,458 and secure $3,575 as strong support. This could set targets at $3,730 and $3,977.</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<p style="text-align: justify"><strong>Key Takeaways for Investors</strong></p>
<ul>
 <li>Monitor BTC’s ability to reclaim and maintain the $64,602 support level to gauge short-term market direction.</li>
 <li>Track Ethereum’s performance against the SMA50 of $3,458 for potential buying opportunities or further declines.</li>
 <li>Consider long-term <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investment strategies</a> given Bernstein’s bullish 2025 BTC target of $200,000.</li>
 <li>Pay attention to institutional actions, such as MicroStrategy’s recent BTC purchases, as indicators of market sentiment.</li>
</ul>
<p style="text-align: justify"><strong>Conclusion</strong></p>
<p style="text-align: justify">As Bitcoin remains under pressure beneath its key support level, the market is closely watching for signs of either a recovery or further decline. Both BTC and ETH face critical points that could determine their near-term trajectories, offering opportunities for informed investors to strategize accordingly.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-falls-below-key-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Falls Below Key Level</a></h5>

Bitcoin Price Falls Below Key Level

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Інші статті, опубліковані 21 черв. 2024 р.

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