Published on juni 19, 2024, 12:43 am
Image source: Fox News
```json [ "BTC price falls below $66,000 causing concern among enthusiasts", "Analysts predict further downside with a 3% drop expected soon", "Market experts monitoring support levels closely under uncertain conditions", "Short-term holder cost basis at $63,800 faces scrutiny ahead", "Concerns raised about 'spoofing' in the market by trader Daan Crypto Trades", "QCP Capital suggests lack of news affecting market rather than negative news impacting Bitcoin", "Altcoins experience significant drop over the weekend, total market cap down 7.5%", "Investors advised to be cautious and do thorough research before making decisions" ] ```
BTC’s price dipping below $66,000 has caused concern among Bitcoin enthusiasts as the cryptocurrency struggles to maintain key support levels. Analysts foresee further downside for Bitcoin in the near future, with the digital currency shedding an additional 3% in a continued downward trend that has already seen losses amounting to $7,900 since June 9.
Market experts are closely monitoring various support levels, acknowledging a lack of conviction under the current market conditions. Keith Alan from Material Indicators highlighted the challenge posed by multiple moving averages (MAs) as Bitcoin prices slipped through them, leading to profit protection measures being activated.
Looking ahead, short-term holder cost basis around $63,800 is expected to undergo scrutiny soon. William Clemente from Reflexivity emphasized the significance of this level and its impact on trends if consecutive days close below it. Meanwhile, trader Daan Crypto Trades flagged concerns about “spoofing” in the market – where large liquidity blocks are posted and removed to potentially influence Bitcoin’s price movement.
In contrast to these developments, QCP Capital offered a refreshing perspective by suggesting that lack of news may be contributing to the market’s current state rather than negative news affecting Bitcoin and altcoins. The firm recommended a cautious approach amid what they described as “boring” markets – advising investors to adopt a wait-and-see strategy.
While Bitcoin faced challenges, altcoins experienced a significant drop over the weekend with the total altcoin market cap trading down 7.5% at $219.06 billion. As always, it is essential for investors to conduct their own research before making any investment or trading decisions due to potential risks involved in financial markets.
Original article posted by Fox News
