Markets
How far can Bitcoin’s price fall in this cryptocurrency market crash?
Bitcoin Bitcoin.com is currently navigating a challenging market situation, with its price hovering around $55,000. The unexpected dip below the critical $58,000 level has triggered panic across the cryptocurrency market. The pressing question on every Bitcoin investor’s mind is how far this bearish trend will drag the price down. A recent post by crypto technical and on-chain analyst Ali on X sheds light on the situation.
See what the expert has to say!
Key support and resistance levels
Ali mainly discusses support and resistance levels for Bitcoin. According to him, the main support level, or demand wall, is around $47,000. He advises Bitcoin traders and investors to closely monitor this level. Ali believes that if the price drops below this support level, it could lead to increased selling pressure and a significant drop in the price.
On the other hand, the primary resistance level is near $61,000. This resistance serves as a crucial barrier that Bitcoin must overcome to regain upward momentum. To reignite the bullish sentiment, a sustained move above this resistance level is essential.
Bitcoin Market: An Overview
In the last 24 hours, the price of Bitcoin has dropped by 4.1%, and in the last seven days, it has dropped by 11.5%. The price has seen a sharp decline in the last four days. On June 5, Bitcoin was trading at around $71,132.
However, on June 24, it fell below $61,000 for the first time since May 10. Although buyers pushed the price slightly higher afterward, a massive selling pressure on July 2 sent the market plummeting. If this downtrend continues, there is a possibility that the price could touch the critical support level of $47,000.
Read too: Peter Schiff Predicts Bitcoin Price Drop to $38K
If Ali’s analysis is true, Bitcoin traders should keep an eye on the suggested support and resistance levels. Do you agree with this crypto analyst’s predictions? Let us know what you think!