Bitcoin News

Market Status: Will Bitcoin Remain Above $ 60,000?


The price of Bitcoin fell below $ 60,000 for a short time a few hours ago, reaching a low of $ 58,368. Some experts now believe that the downtrend has ended at this point, while others say there is a possibility of falling to lower levels.

to the Report Quinn Telegraph Market data show that Bitcoin fell 8% after reaching its $ 66,000 peak on Monday and is now testing the $ 60,000 level. Hours ago, the price fell to $ 58,368, reaching its lowest level in two weeks.

Since leverage market traders have felt the real pain of this decline, we can be optimistic that the shakeout of trading positions in derivatives markets is coming to an end and then the uptrend will resume. Chic August refers to the situation in which many traders exit their trading positions at the same time.

In addition, Bitcoin was finally able to close the price gap between the instant market and the Chicago Mercantile Exchange (CME) futures market that we saw for a week. This classic move has been anticipated since the formation of the price difference between the two markets.

Market Status: Will Bitcoin Remain Above $ 60,000?
Bitcoin price chart in Chicago Mercantile Exchange futures market

Experts in their previous hypotheses considered the price to reach $ 59,000, and now the price is still likely to fall below $ 60,000.

Peter Brandt, an experienced financial market trader, has said that his target market entry level is close to $ 50,000.

He wrote on Twitter:

I would like to buy Bitcoin for about $ 53,000 and Ethereum for $ 4,030.

However, Brent stressed that he does not have a downward view of bitcoin and does not necessarily expect the price of bitcoin to fall to this level.

Meanwhile, some have looked at the bitcoin market situation over longer periods of time and looked at 1-month market changes; A view defined by historical record-breaking and sharp price fluctuations. For example, a return to the monthly support of Bitcoin puts it in the $ 58,000 price range.

Rekt Capital, a digital currency market analyst, wrote on Twitter:

If Bitcoin wants to retest the monthly support (green line in the chart), it needs a black uptrend line. [درون نمودار] Cut down. loss, to lose, lost, to miss, losing [حمایت] This trend line is likely to confirm a return to the monthly support level. Until then only [شاهد] Swing and stabilization [قیمت خواهیم بود].

Market Status: Will Bitcoin Remain Above $ 60,000?
Bitcoin price chart; Analysis of the capital company from a 1-day view of the market

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