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Bitcoin price keeps falling under $60K — Here is why

Bitcoinist
by Bitcoinist
1 year ago
·
Posted in Industry
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin, the world’s leading cryptocurrency, has been on a downward spiral in recent weeks, failing to hold above the significant $60,000 mark. This price drop has caused concern among investors and traders alike, with some fearing a repeat of the dramatic crash witnessed in 2018.

The recent downturn in Bitcoin’s price is also raising an alarm for those who use it in other facets of life, such as crypto exchange, staking, and online gaming. As an example, gamers who turn to a no KYC crypto casino site, which mostly rely on crypto and blockchain technology because of the offer of anonymity, exciting bonuses, and rewards, will be counting their chickens as the recent drop in Bitcoin price has a direct effect on the value of their crypto holdings.

There are many different causes for the present downturn; a few significant ones are fueling a bearish attitude toward Bitcoin. These include but are not limited to the following:

Rising Interest Rates and Inflation Concerns

One of the primary drivers of the drop in Bitcoin prices is the recent shift in monetary policy by the U.S. Federal Reserve. In an effort to combat rising inflation, the Fed has signaled its intention to raise interest rates in the coming months. This prospect has led investors to seek out assets offering a more attractive return, pulling capital away from riskier assets like Bitcoin.

Historically, Bitcoin has thrived in low-interest-rate environments, where investors seek alternative avenues for returns. However, with the Fed tightening its belt, the traditional financial markets are becoming more appealing. This shift in investor behavior is putting downward pressure on the price of Bitcoin.

Regulatory Uncertainty and Crackdowns

The cryptocurrency market is still grappling with regulation. Governments around the world are still formulating clear frameworks for dealing with digital assets, leading to uncertainty among investors. This lack of clarity can deter institutional investors from entering the market, further dampening demand for Bitcoin.

Furthermore, crackdowns by Chinese authorities on crypto mining and transactions have also contributed to the bearish sentiment. China, a major player in the cryptocurrency ecosystem, has been vocal about its concerns regarding financial stability and money laundering risks associated with cryptocurrencies. These actions have spooked investors and added to the overall market volatility.

Technical Factors and Selling Pressure

Technical analysis, a method of evaluating market trends and predicting future price movements based on historical data, offers valuable insights into Bitcoin’s recent price decline. One key factor contributing to the downward trend is the breakdown of crucial support levels.

Bitcoin’s repeated attempts to breach the $70,000 resistance level without sustaining gains indicated a loss of momentum among buyers. This suggested that sellers were gaining control, and the market was poised for a correction. However, the real turning point came when Bitcoin failed to hold above the $60,000 support level. This breakdown triggered a cascade of sell orders from short-term traders who were programmed to liquidate their positions at this critical price point.

Technical indicators, such as the Relative Strength Index (RSI) and Moving Averages, likely played a supporting role in reinforcing the sell-off. A declining RSI, which measures the speed and change of price movements, may have indicated that Bitcoin was oversold, potentially suggesting a short-term rebound. However, the breakdown of the $60,000 support level proved to be a more powerful force, overriding any bullish signals.

Moving Averages, such as the 50-day and 200-day Simple Moving Averages (SMA), could have provided additional sell signals if they were crossing below the price. These indicators are commonly used to identify trends and potential support or resistance levels. When a short-term moving average (like the 50-day SMA) crosses below a longer-term moving average (like the 200-day SMA), it often signals a bearish trend.

The breakdown of key support levels, coupled with signals from technical indicators, significantly accelerated Bitcoin’s recent price decline. Short-term traders relying on these technical cues were likely quick to exit their positions, further exacerbating the downward pressure. While technical analysis provides valuable insights, it’s important to remember that it’s not infallible, and other factors, such as macroeconomic conditions and regulatory developments, can also influence Bitcoin’s price.

Conclusion

The recent decline in Bitcoin’s price below $60,000 is a cause for concern for investors. A combination of factors, including waning demand for spot Bitcoin ETFs, broader macroeconomic jitters, and technical resistance, is contributing to the current bearish sentiment. However, it’s important to consider this price movement within the context of Bitcoin’s historical volatility. Long-term believers in Bitcoin’s potential as a disruptive technology remain optimistic about its future.

 

Image: Pixabay

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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