{"id":293769,"date":"2024-05-01T23:35:03","date_gmt":"2024-05-01T18:05:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/whats-next-for-bitcoin-price-after-a-decisive-breakdown-from-60k-crypto-news\/"},"modified":"2024-05-01T23:35:11","modified_gmt":"2024-05-01T18:05:11","slug":"whats-next-for-bitcoin-price-after-a-decisive-breakdown-from-60k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/whats-next-for-bitcoin-price-after-a-decisive-breakdown-from-60k-crypto-news\/","title":{"rendered":"What\u2019s Next For Bitcoin Price After A Decisive Breakdown From $60k? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">In the last 48 hours, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/trending\/did-the-crypto-market-crash-today\/\">Bitcoin price<\/a> has witnessed intense selling pressure evidenced by the two long red candles in the daily chart. From $64714, the BTC price plunged 12.7% to currently trade at $56921, which the market cap fell to $1.28 Trillion. This downswing could be attributed to the negative outflow in BTC ETFs and uncertainty around the Federal Reserve\u2019s interest rate decision later in the day. Will this correction trend extend below $50000?<\/span><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/arkansas-house-committee-clears-bills-on-crypto-mining-regulations\/\">Arkansas House Committee Clears Bills on Crypto Mining Regulations<\/a><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<h2><b>Is Bitcoin\u2019s Buy-the-Dip Opportunity Still Valid?<\/b><\/h2>\n<figure style=\"width: 1946px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/t\/tMadLcFa.png\" alt=\"BITSTAMP:BTCUSD Chart \" width=\"1946\" height=\"893\"\/><\/noscript><figcaption class=\"wp-caption-text\">Bitcoin Price| Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Over the past two months, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/why-bitcoin-price-dropped-today-when-will-it-recover\/\">Bitcoin<\/a> price sustained its position above the psychological level of $60000\u2014 a support floor accompanied by several technical marks such as 100-day EMA, 23.6% FIB level, and a lower trendline of the triangle pattern.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">However, with a 6.1% intraday loss, the BTC price gave a decisive breakout below the aforementioned support allowing sellers to strengthen their position over this asset. If the selling momentum persists, the correction trend could extend another 11% before hitting the next significant support of $50600 coinciding with 38.2% FIB.<\/span><\/p>\n<\/blockquote>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><span style=\"font-weight: 400;\">In theory, a retracement to the 50% Fibonacci level, which for BTC stands at $44,838, would still be considered a healthy correction, potentially setting the stage for a resurgence in bullish momentum. Thus, the Buy the dip opportunity is still intact for Bitcoin.<\/span><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-correction-analyst-explains-how-this-btc-retreat-different\/\">Bitcoin Correction: Analyst Explains How This BTC Retreat Is Different<\/a><\/p>\n<h2><b>Is Bitcoin Setting Up for a Bullish Breakout? Analyzing Past Halving Cycles<\/b><\/h2>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><span style=\"font-weight: 400;\">In a recent tweet by renowned trading analyst Alicharts, a detailed examination of Bitcoin\u2019s behavior around its halving events highlights intriguing patterns of market consolidation before triggering a fresh bull run. Specifically, the analysis points out that following the last two halving events, Bitcoin entered prolonged periods of price consolidation \u2014 189 days in 2016 and 87 days in 2020 \u2014 before the market witnessed a resumption of bullish momentum.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Around the last two <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/halving?src=hash&#038;ref_src=twsrc%5Etfw\">#halving<\/a> events, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> consolidated for an extended period \u2014 189 days in 2016 and 87 days in 2020 \u2014 before the bull run resumed. <\/p>\n<p>So far, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> has consolidated for 60 days! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/qosvd2z4JN\">pic.twitter.com\/qosvd2z4JN<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ali_charts\/status\/1785239938381873522?ref_src=twsrc%5Etfw\">April 30, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Currently, Bitcoin has been consolidating for 60 days, showing a similar pattern to past halving events. If the pattern holds true, the market participants can start expecting a renewed recovery trend a month from now.<\/span><\/p>\n<h2><b>Technical Indicator\u00a0<\/b><\/h2>\n<ul>\n<li><b>Exponential Moving Average: <\/b><span style=\"font-weight: 400;\">The first bearish crossover between 20 and 50 daily EMAs after nearly seven months hints at a possibility for extended correction.\u00a0<\/span><\/li>\n<li><b>Relative Strength Index: <\/b><span style=\"font-weight: 400;\">The daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/rsi-relative-strength-index\/\">RSI<\/a> slope on the verge of entering an oversold region could trigger a minor bullish pullback to replenish selling momentum.<\/span><\/li>\n<\/ul>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p class=\"m-0\">Related Articles<\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/whats-next-for-bitcoin-price-after-a-decisive-breakdown-60k\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/markets\/whats-next-for-bitcoin-price-after-a-decisive-breakdown-60k\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                  \n\n<div class=\"col-6 pl-2\">\n                 \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-10-web-3-games-to-explore-in-2023-here-list\/\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA194686\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD194686\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/5-important-highlights-from-the-recent-fed-meeting\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" 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decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">5 Reasons behind Mega Bank\u2019s 2024 Ethereum Price Prediction <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the last 48 hours, the Bitcoin price has witnessed intense selling pressure evidenced by the two long red candles in the daily chart. From $64714, the BTC price plunged 12.7% to currently trade at $56921, which the market cap fell to $1.28 Trillion. This downswing could be attributed to the negative outflow in BTC [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":290741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-293769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293769"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293769\/revisions"}],"predecessor-version":[{"id":293770,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293769\/revisions\/293770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/290741"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}