With the opening of US markets, the leading cryptocurrency quickly declined, and altcoins turned red. This article explores the reasons behind the drop and potential trends.
How Low Will Bitcoin Go?
Last month, we saw prices in the $49,000 range, and then BTC tested $65,000. After the resistance test failed, BTC attempted a dip test. Now, it is losing support levels one by one. The $55,000 level was also lost, opening the door to prices in the $53,000 range. According to crypto analyst Jelle, BTC will bottom out in its current channel by October and start to recover.
BTC Bottom Target
The second analyst, TraderXO, is concerned about the third test of the annual mid-range. Investor appetite is weak, stocks are falling, and deeper lows are very likely. Although it is devastating for altcoin investors, BTC could experience a larger drop to prices in the $40,000 range.
Macroeconomic Data and Cryptocurrencies
Although macroeconomic data would normally be supportive for cryptocurrencies, charts do not form based on just a few factors. The increase in global liquidity with the Fed’s rate cuts will create the necessary appetite for a rise. Until that day, weakness may continue.
The drop in Bitcoin price with the opening of US markets has sparked new discussions among analysts. The main reasons cited include the decline in investor appetite and the actions of the Fed. In the near future, the market's condition will remain in focus.
Comments