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How Far Can Bitcoin Price Fall In This Cryptocurrency Market Crash?
Bitcoin Bitcoin is currently going through a difficult market situation, with its price hovering around $55,000. The unexpected drop below the critical $58,000 level has triggered panic across the entire cryptocurrency market. The pressing question on every Bitcoin investor’s mind is how much this downward trend will push the price down. A recent article by Ali, a cryptocurrency technical and on-chain analyst, on X sheds light on the situation.
Here’s what the expert says!
Key Support and Resistance Levels
Ali mainly discusses the support and resistance levels of Bitcoin. According to him, the main support level, or demand wall, is around $47,000. He advises Bitcoin traders and investors to keep a close eye on this level. Ali believes that if the price falls below this support level, it could lead to an increase in selling pressure and a significant drop in the price.
On the other hand, the main resistance level lies near $61,000. This resistance is a crucial barrier that Bitcoin must overcome to regain its upward momentum. To revive the bullish sentiment, a sustained move above this resistance level is essential.
Bitcoin Market: General Overview
In the last 24 hours, the price of Bitcoin has dropped by 4.1% and in the last seven days, it has dropped by 11.5%. The price has seen a sharp decline in the last four days. On June 5, the price of Bitcoin was around $71,132.
However, on June 24, it fell below $61,000 for the first time since May 10. Although buyers pushed the price slightly higher after that, massive selling pressure on July 2 caused the market to drop sharply. If this downtrend continues, there is a possibility that the price could hit the critical support level of $47,000.
Read also: Peter Schiff Predicts Bitcoin Price Drop to $38,000
If Ali’s analysis proves to be accurate, Bitcoin traders should keep a close eye on the suggested support and resistance levels. Do you agree with this crypto analyst’s predictions? Let us know your thoughts!