Would Bitcoin Fall Below $60,000 Again? Analyst Reveals A Concerning Trend For BTC
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Amid ongoing bullish and bearish trends, Peter Brandt has identified a worrying pattern in Bitcoin's price chart. The series of lower highs and lows may signal a cooling of recent bullish momentum. Since peaking above $73,000 in March, Bitcoin hasn't reclaimed this high, often hitting resistance around $70,000 before dropping. This trend generally points to a bearish outlook.
Brandt's insights faced criticism on social media for perceived contradictions with his previous bullish comments. While experts like Willy Woo noted the unpredictability of short-term markets, Bitcoin's current downtrend is evident. The asset has fallen by 5.1% in 24 hours, trading below $63,000 and erasing over $50 billion from its market cap. Despite the drop, trading volumes have surged.
A CryptoQuant author pointed to movements in age band holdings as a cause for the recent decline. Even with selling pressure, recovery is deemed possible but not immediate. Monitoring age bands is advised for tracking potential liquidity and sales.
Source: www.newsbtc.com ↗
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