Ethereum

Dogecoin

Impact

James

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin fell below $60,000 on July 4th, causing a significant impact on altcoins.</li>
 <li>Expert technical analysis suggests a bearish outlook for Bitcoin, with potential for a further price drop.</li>
</ul>
<p>Bitcoin experienced a significant drop on July 4th, falling below the crucial $60,000 mark.</p>
<p>This breakdown had a considerable impact on altcoins, with many experiencing notable price drops.</p>
<h2 id="the-cause-of-bitcoin-s-fall">The Cause of Bitcoin’s Fall</h2>
<p>A potential reason for this drop could be due to an update from Bloomberg ETF expert, James Seyffart.</p>
<p>Seyffart suggested that the United States Securities and Exchange Commission (SEC) may not approve a spot Ethereum ETF by the predicted launch dates.</p>
<p>He expressed low confidence in the predicted launch dates, stating that the SEC is taking their time with the decision.</p>
<h2 id="impact-on-altcoins">Impact on Altcoins</h2>
<p>Following the drop in Bitcoin’s value, altcoins such as Ethereum, Solan, BNB, XRP, and Dogecoin also experienced significant price drops.</p>
<p>Within 24 hours, these altcoins experienced price drops ranging from 4.8% to 10%, according to CoinMarketCap data.</p>
<p>This drop in Bitcoin’s value has created a sense of fear in the market, with Bitcoin’s open interest dropping by 3.5%.</p>
<h2 id="bitcoin-s-price-performance-analysis">Bitcoin’s Price Performance Analysis</h2>
<p>Expert technical analysis suggests a bearish outlook for Bitcoin.</p>
<p>If Bitcoin gives a daily candle closing below the 200 EMA and $57,700 level, we could see a further price drop of 8% to $53,000.</p>
<p>If this occurs, nearly $1 billion worth of long positions could liquidate, according to Coinglass data.</p>

Anticipating Bitcoin’s Plummet to $53k: Understanding the Latest Plunge’s Implication

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