Plunge

Solana

Bitcoin

<div class="code-block-grte code-block-grte-16" style="margin: 8px auto; text-align: center; display: block; clear: both;"> 
 <table style="width: 100%; border-collapse:"> 
  <tbody> 
   <tr> 
    <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener"><strong><span style="color: #000000;">Before you reading,<br><span style="color: #e67e22;">Don't miss coins like PEPE again! Click here to find new PEPEs!</span></span></strong></a></td> 
   </tr> 
  </tbody> 
 </table>
</div> 
<ul> 
 <li>Bitcoin faces fresh downward pressure, with analysts eyeing potential drops towards $59,000.</li> 
 <li>Loss of key moving average support and on-chain signals hint at a potential reaccumulation phase.</li> 
 <li>“Still very possible that there is 1 more leg down for $BTC…” warns analyst Mark Cullen.</li> 
</ul> 
<p><strong>Bitcoin’s rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.</strong></p>
<div class="code-block-grte code-block-grte-14" style="margin: 8px auto; text-align: center; display: block; clear: both;"> 
 <table style="width: 100%; border-collapse:"> 
  <tbody> 
   <tr> 
    <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener"><strong><span style="color: #000000;"> AR' YA WINNING SON?<br><span style="color: #e67e22;">Don't miss Solana Tokens and BRC-20 Tokens! Click here to find new AI coins!</span></span></strong></a></td> 
   </tr> 
  </tbody> 
 </table>
</div> 
<h2 id="strong-bitcoin-risks-breaking-below-60k-as-selling-pressure-mounts-strong"><strong>Bitcoin Risks Breaking Below $60K as Selling Pressure Mounts</strong></h2> 
<p>After failing to hold above $61,000, Bitcoin now faces renewed selling pressure. Analyst Mark Cullen predicts a potential drop to the $59,000 level, fueled by Elliott Wave analysis. Such a move would mark the largest drawdown from Bitcoin’s recent all-time high.</p> 
<h3 id="strong-key-moving-average-support-lost-strong"><strong>Key Moving Average Support Lost</strong></h3> 
<p>Adding to the bearish outlook, Bitcoin has lost its crucial 10-week simple moving average (SMA) support, a trend closely watched by traders. Analyst Matthew Hyland highlights the importance of this week’s candle close, as it could signal further weakness.</p> 
<h3 id="strong-on-chain-metrics-suggest-reaccumulation-phase-strong"><strong>On-Chain Metrics Suggest Reaccumulation Phase</strong></h3> 
<p>CryptoQuant contributor Binh Dang analyzes the Adjusted Cumulative Value Days Destroyed (CVDD) metric, suggesting a potential reaccumulation phase at lower prices. While a worst-case scenario of $40,000 is mentioned, Dang believes the current geopolitical uncertainties aren’t likely to reach the panic levels of the 2020 COVID-19 crash.</p>
<div class="code-block-grte code-block-grte-15" style="margin: 8px auto; text-align: center; display: block; clear: both;"> 
 <table style="width: 100%; border-collapse:"> 
  <tbody> 
   <tr> 
    <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener"><strong><span style="color: #000000;">TRUSTED BY COINOTAG,<br><span style="color: #e67e22;">Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange!</span></span></strong></a></td> 
   </tr> 
  </tbody> 
 </table>
</div> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>Bitcoin’s short-term outlook appears challenging, with technical indicators and on-chain metrics pointing toward potential further declines. Investors should brace for possible volatility and closely monitor key support levels as the market attempts to find a new equilibrium.</p>

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Table of Contents

CO NEWS

Other articles published on Apr 16, 2024

Bitcoin And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide

South Korean exchanges navigate fee wars amidst market shifts

Bitcoin ETFs, 2024 halving, and beyond – All about BTC’s future

Top 9 Bitcoin Low Caps Coins with 100x Potential – Part 1

Hut 8 Slashes Costs by 30% at Salt Creek Facility Ahead of Halving

Los Alamos Labs Debuts Venado Supercomputer Capable of Ten exaFLOPS

Join our free newsletter for daily crypto updates!