The Bitcoin price performance over the previous week did not deliver glory to the crypto market, because the main cryptocurrency struggled as soon as once more. This pattern was mirrored throughout nearly all large-cap belongings, a lot of which skilled vital losses.
Unfortunately, current value motion knowledge means that the Bitcoin value will not be protected but, as there’s potential for additional draw back over the approaching days.
Is $60,000 The Next Stop?
In a brand new report, blockchain intelligence agency CryptoQuant put ahead an fascinating prognosis for the worth of Bitcoin primarily based on its current motion. According to the analytics platform, the premier cryptocurrency could possibly be headed for the $60,000 value mark after shedding a major help stage.
Related Reading
On Tuesday, June 18, the Bitcoin price fell under 65,000 for the primary time in over a month. The value of BTC didn’t keep beneath this stage for too lengthy, because it rapidly climbed again to $66,000 by Thursday. However, the premier cryptocurrency succumbed to the bearish stress, falling as little as $63,500 on Friday, June 21.
#Bitcoin is buying and selling under the essential help stage of $65.8K, now under $64K.
Falling underneath this threshold suggests a possible 8%-12% correction towards $60K. pic.twitter.com/hXwUkC13up
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
In its evaluation, CryptoQuant postulates that the worth of Bitcoin is at the moment beneath the important $65,800 stage, which is the dealer’s on-chain realized value. This value indicator can act as a help stage, signaling an impending decline if the BTC value breaks it to the draw back.
According to CryptoQuant, each time the Bitcoin value crosses beneath the on-chain realized value, it undergoes an 8-12% correction, which explains the $60,000 value goal. Interestingly, the waning on-chain metrics of the market chief help this bearish projection.
As defined by CryptoQuant, merchants’ demand for Bitcoin has continued to say no, because the short-term holders will not be buying BTC however moderately lowering their holdings. Meanwhile, the demand from giant buyers (whales) at the moment lacks the power usually related to bullish momentum.
Furthermore, stablecoin liquidity has been on a gentle decline, placing a pressure on the Bitcoin bull run. For occasion, the 60-day progress in Tether USD’s (USDT) market capitalization has slowed down from $12.6 billion in late April to $3.7 billion as of now — the slowest progress charge since November 2023.
Naturally, increased stablecoin liquidity is required to kickstart value rallies within the crypto market.
Bitcoin Price At A Glance
As of this writing, the Bitcoin price continues to hover round $64,000, with a 1.2% decline within the final 24 hours. In the previous two weeks, the premier cryptocurrency has decreased in worth by practically 8%, in keeping with knowledge from CoinGecko.
Related Reading
Featured picture from iStock, chart from TradingView
