The leading cryptocurrency, Bitcoin, continued its decline, falling below $74,000. Starting the new week with a drop ahead of important economic data releases from the US, Bitcoin fluctuated
The leading cryptocurrency, Bitcoin, continued its decline, falling below $74,000. Starting the new week with a drop ahead of important economic data releases from the US, Bitcoin fluctuated around $74,000, while major altcoins also experienced sharp losses.
Ethereum, the largest altcoin, also fell by 5.7% in the last 24 hours to $2,098, while XRP dropped by 6.3% to $1.08; and Solana fell by 3.2% to $86.
This situation has heightened concerns about potential further market declines, and analysts have shared their expectations.
Crypto analyst Michael van de Poppe stated that for Bitcoin’s price to resume its upward trend, breaking above the $75,000 level is critical. Poppe warned that if BTC fails to regain this level, it could fall as low as $71,000.
According to the analyst, BTC started the new week on a weak note, forming five consecutive weekly bearish candles on the weekly chart. Whether the current selling pressure will continue will depend on whether the price can break above the $75,000 level again and maintain its position above this region.
At this point, the analyst adds that he considers Bitcoin settling above $75,000 as a significant indicator that buyers are regaining strength in the market.
Another analyst, Axel Adler, said that the downward trend in the market continues because Bitcoin remains below its 365-day average price of $77,000.
At this point, the analyst stated in his latest assessment that Bitcoin fell below the midpoint of its price range last year, which is a sign that the downtrend continues.
The analyst added that Bitcoin’s return above $77,000 could be the first sign of improving market conditions.
Adler said that the risk of further declines remains until Bitcoin regains the $75,500-$76,000 support zone and MVRV rises above its one-year average.
Ark Invest CEO Cathie Wood also commented on the decline in Bitcoin, stating that despite its recent weakness, BTC will provide higher returns than gold. Wood said that gold prices are likely to fall, while BTC will strengthen relative to gold. Wood also noted that the correlation between BTC and gold has been only 0.1 since 2019, indicating that the two assets do not necessarily move in the same direction.
*This is not investment advice.
Continue Reading: Has the Bitcoin Decline Come to an End? Analysts Answer, Pointing to Two Levels!
