Recent fluctuations in the Bitcoin market and technical indicators suggest a possibility of BTC falling below $60,000. Traders are advised to remain cautious.
Warnings About Bitcoin’s Drop
Crypto expert Titan of Crypto pointed out that if Bitcoin fails to maintain levels above $81,872, technical supports could weaken. It is crucial to monitor indicators such as the 50-week exponential moving average and the weekly RSI in the market.
> "Bitcoin must stay above the 50-week EMA and weekly RSI support levels." – Titan of Crypto
This warning highlights the risk of deeper corrections if the cryptocurrency remains below key support levels.
Predictions for Cryptocurrencies
There are also analysts with positive expectations. Some experts note that a recovery phase could begin after the current corrections, as technical formations provide hope for the future. The Falling Wedge pattern forming on long-term charts is seen as a precursor to recovery.
> "Reaching $120,000 for Bitcoin would indicate a new peak in this cycle." – Crypto Caesar
Another analyst, Trader Tradigrade, stated that the breakout of the rising triangle in the RSI could trigger the final rally. The expert examining the charts suggested that the cryptocurrency could reach significant levels.
> "The RSI formation breakout could trigger BTC’s final rally." – Trader Tradigrade
The Role of Economic Factors in Bitcoin’s Price
Market data and macroeconomic indicators continue to play an essential role in Bitcoin’s trajectory. Besides the impacts of trade tensions, U.S. economic announcements, and global data are seen as critical factors. Traders might find it beneficial to review their decisions by assessing the pros and cons of both scenarios.
The situation in the cryptocurrency market and numerous external factors create uncertainty for traders. Close monitoring of technical indicators and overall economic conditions is crucial.
