Bitcoin Plunges to 60000 Altcoins Suffer Heavy Losses

CoinDesk Reports:
Bitcoin (BTC) turned deep red today. The price of Bitcoin plummeted over 4%, hitting a crucial support level of $60,000, similar to last Friday’s drop.
Concerns loom over the potential impact as billions of dollars’ worth of Bitcoin could soon enter the market from Mt. Gox, seeming to be the main catalyst for this incident. The entire cryptocurrency market feels the effects of Bitcoin’s decline, with many altcoins seeing drops of 10% or more.


Currently, Bitcoin appears to stabilize above the support zone around $60,000. This marks the bottom of a consolidation range locked for several months, signifying an important price level.
It was only last Monday that the price briefly dipped below this support level after Mt. Gox announced its closure in the cryptocurrency exchange. Mt. Gox will begin refunding victims this month, distributing over 140,000 Bitcoins recovered since its bankruptcy years ago. Now in July, investors are wary of impending selling pressure.
Top gainers include worldcoin (WLD), zksync (ZK), and oasis (ROSE), despite the crypto market’s turmoil, showing increases in the past 24 hours:
WLD: +7.82%
ZK: +6.55%
ROSE: +1.71%
TRX: +0.79%
LINK: +0.57%
Bitcoin falls below $62,000 and retreats, while altcoins face pressure.


Among the hardest hit are Ethereum Name Service (ENS) and others:
Bitcoin drags down most of the cryptocurrency market. Many altcoins also suffer significant losses, with some exceeding 10%. The top decliners among the top 100 include Ethereum Name Service (ENS), bittensor (TAO), and lido dao (LDO), with their performance in the past 24 hours as follows:
ENS: -14.04%
TAO: -13.16%
LDO: -11.93%
WIF: -11.08%
BRETT: -9.64%


Bitcoin fails to regain the key $63,000 level, leading it down to $61,000. Unfortunately, this outcome paves the way for a drop below $60,000.
According to candlestick charts, the current Bitcoin trading price is slightly above the key support level of $60,885. While the 100 EMA is at $63,754 and the 200 EMA at $58,260, closer to the current price, they provide support and resistance levels, with the 50 EMA at $66,407 serving as a distant resistance level.


If Bitcoin fails to close above $63,000, it may face further selling pressure. A brief uptick in Bitcoin prices is possible as the RSI of 36 indicates the market nearing oversold territory.
Failure to gather momentum and breach the 200 EMA at $58,260 could lead to the next major support level around $55,000. Bitcoin needs to stay above the 200 EMA and gain upward momentum for a more optimistic outlook.