IMPORTANT POINTS:
- In the last 30 days, Bitcoin has collapsed more than 10% to currently trade above $61,000.
- Chartists see no buy signals at present and have even warned of a crash.
- Experts agreed that there is key support near $57,000. In the case of breaking down, the drop would be significant.
Although he began to recover slightly, Bitcoin It sank below USD 60,000 days ago and then rebounded and is now trading in the 61,700 USDaccording to CoinMarketCap.
However, it still accumulates a loss of more than 10% in the last 30 days and 17% from its all-time high of $73,800.
In this context, graphic analysts highlighted that BTC price is in danger of a severe correction for several reasons: There is no buy signal, it has no positive short-term fundamentals, there is low demand from spot ETFs, and miners are selling their coins.
What do experts say about Bitcoin?
“The moderation since March continues and trading can be considered under pressure below the $66,000 resistance. There is key support at $57,500, which is the 200-day average, up to $56,500, which is the May low. A break down would be detrimental.”
Oppenheimer analyst Ari Wald.
Wald even mentioned that Bitcoin could plummet to $49,000 if it fails to hold the support at $57,000.
David Keller, chief market strategist at StockCharts.com, echoed his colleague by stating that if the leading cryptocurrency falls below $58,000, the correction would continue to 52,000 or 50,000 USD.
RJ O’Brien’s Tom Fitzpatrick clarified that BTC’s key support is at $56,500 and that “below that level would indicate at least another 22% drop… and a possibility of up to 29%“.
