{"id":292888,"date":"2024-04-30T19:21:13","date_gmt":"2024-04-30T13:51:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/etf-slowdown-to-blame-for-btcs-plunge-below-62000-crypto-news\/"},"modified":"2024-04-30T19:21:24","modified_gmt":"2024-04-30T13:51:24","slug":"etf-slowdown-to-blame-for-btcs-plunge-below-62000-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/etf-slowdown-to-blame-for-btcs-plunge-below-62000-crypto-news\/","title":{"rendered":"ETF Slowdown To Blame For BTC’s Plunge Below $62,000? – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Bitcoin price analysis: The largest digital asset is on the verge of breaking a crucial support level, triggering further losses at May\u2019s outset. Bitcoin\u2019s<\/span><\/a> market doldrums started just before halving but continued after the event, denying bulls of another push above the $70,000 mark.<\/p>\n

As Bitcoin descended from its post-halving peak above $67,000, the entire crypto market slashed the gains accrued in March and part of April with some altcoins almost erasing all the progress made in Q1.<\/p>\n

<\/p>\n

Bitcoin price hovered at $61,210 during US business hours on Tuesdays, down 1.8% in 24 hours, 7.7% in seven days, and 13% in a month, according to data from CoinGape<\/span><\/a> and CoinGecko<\/span><\/a>.<\/p>\n

Bitcoin is the most dominant digital asset, at 51% of the entire crypto market value. It commands over $1.2 trillion in market cap and a 24-hour trading volume of $29 billion.<\/p>\n

Bitcoin Price Analysis: Will Bitcoin Drop Below $60,000 This Week?<\/h2>\n

Bitcoin price appears to be balancing at the high of a high cliff. With the protection $62,000 protection that bulls depended on since last week obliterated, it is a matter of time before BTC<\/span><\/a> retests the next key level at $60,000.<\/p>\n

Key technical indicators highlighted a tweaking technical structure, increasing the probability of declines to and possibly below $60,000. A sell signal from the Moving Average Convergence Divergence (MACD) indicator encourages traders to focus on shorting BTC in the short term.<\/p>\n