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Bitcoin remains at a relatively low level, and the closing price below $60,000 is causing concern. Analysts are studying the potential negative scenarios that could be triggered by technical price weakness. So, what is the current view of institutional analysts on the market? What are the expectations of cryptocurrency investors? Here are the details.
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1. Insights from QCP Analysts
2. Bitcoin (BTC) Trend
3. Key Takeaways for Investors
Insights from QCP Analysts
Due to ongoing sales in Germany and MTGOX activity, investors’ risk appetite has significantly decreased. The RSI has relaxed into oversold territory, and sentiment has fallen to fear levels, resulting in new lows for altcoins. What are the latest predictions from QCP analysts? In a recent market assessment, experts stated: Visit COINTURK FINANCE for the latest financial and business news.
“Despite stocks and gold rising since last week, cryptocurrency prices are moving in the opposite direction. Last week, around 3 to 4 pm New York time, there was intense spot selling. This may be due to the significant supply mentioned in recent headline news, particularly from the German government and Mt.Gox issuances.
However, the price decline coincided with the US July 4th holiday, and it was only the next day when the US market resumed buying that the price found support. On Friday, BTC spot ETF net inflows exceeded $143 million. Approaching the weekend, with very weak liquidity, BTC’s trading price ranged from $53,500 to $58,500. Are these fluctuations due to the new normal of weak liquidity outside US working hours or just a pattern of the summer market?”
Bitcoin (BTC) Trend
After a brief pause, BTC’s rally accelerated to $54,700 at the end of February 2024, but since then, the price has deviated from this point. The closing price continues to be below $58,376, indicating the possibility of deeper lows. BTC, after lingering around $60,200, is struggling to stabilize at lower levels.
Key Takeaways for Investors
For investors monitoring the current BTC market situation, here are key conclusions:
– Monitor prices closing below $58,376 as an indicator of potential deeper lows.
– Pay attention to periods of weak liquidity, especially outside US working hours.
– Track significant fund inflows into BTC spot ETF as a potential support signal.
If negative sentiment persists, we may see new lows in the range of $50,700 and $48,000, which will also lead to new yearly lows for altcoins.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and the associated risks and should conduct their own research.