{"id":329958,"date":"2024-06-24T17:29:27","date_gmt":"2024-06-24T11:59:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=329958"},"modified":"2024-06-24T17:29:27","modified_gmt":"2024-06-24T11:59:27","slug":"bitcoin-price-might-drop-to-60k-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-might-drop-to-60k-heres-why-crypto-news\/","title":{"rendered":"Bitcoin Price Might Drop To $60K; Here’s Why – Crypto News"},"content":{"rendered":"

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Over a rough bearish period, Bitcoin price<\/a> has shifted from a bullish value of $71,656 in early June to the month\u2019s low at $61,212. It has drifted more than 7% in the last few days and has impacted the performance of the other altcoins. A major impact has also been seen in its market capitalization of $1.2 Trillion after a 5% decline from yesterday. However, a surge in its network activity is present as the trading volume has recovered to $24.4 Billion after 206% gains.<\/p>\n

The BTC price has moved down the $62,200 support level and might continue to do so under the impact of lower lows and low highs patterns.<\/p>\n

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\"Bitcoin<\/a><\/p>\n

In this blog, let us discuss the possible reasons behind this drop.<\/p>\n

Why Is Bitcoin Price Dropping Continuously?<\/h2>\n

Bitcoin\u2019s downward push was higher this Monday as the price has dropped 5% in the last 24 hours due to uncertainty of key inflation data and the US interest rates. The concerns grew over the greenback (US paper dollar) getting closer to the two-month high purchasing managers index data. However, the feared sentiments about the US dollar might change around the upcoming PCE inflation<\/a> data.<\/p>\n

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More importantly, there has been a continuous increase in the Bitcoin ETF outflows<\/a> since June 13, showing nervousness around the largest cryptocurrency. Additionally, the On Balance Volume (OBV) data has dropped beyond the support. As a result, Bitcoin has entered a distribution phase, hinting at downward movement.<\/p>\n

Bitcoin Price Might Drop As Low As $60K<\/h3>\n

Bitcoin is in a selling zone where the MACD level<\/a> (12, 26) is at \u22121244. Also, the simple and exponential moving averages<\/a> of the 5,10,20,50, and 100-day intervals are in the selling zone, favoring the ongoing decline. However, the SMA (200) indicates the presence of the bulls, which can be associated with price recovery. If the Bitcoin price could surge past the resistance levels of $63,500, an uptrend might begin, pushing the value as high as $6800.<\/p>\n

However, as the rest of the technical factors and moving averages indicate, analysts believe the price might continue to decline to $60K before attempting a recovery. A crypto analyst, Willy Woo, posted about the BTC price recovery on X. As per his post, the recovery is possible with the weak miner die and the recovery in hash rate.<\/p>\n

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In a similar situation in 2017, the rate recovery took 24 days whereas, in 2020, it took around eight days, but this year, the miner capitulation is too long after the bitcoin halved because of the \u201cordinal inscription boosting profits.\u201d<\/p>\n

Continue Reading This Crypto Trader Made $1.69 Million With $3,300 In 15 Days; Insider Job?<\/a><\/p>\n

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With years of love for reading and 5 years of content writing experience, I\u2019m here, working on my favorite writings about cryptocurrency. I\u2019m actively looking for trending topics and informational statistics to curate the best content pieces\u00a0for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day. <\/p>\n<\/p><\/div>\n

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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

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Over a rough bearish period, Bitcoin price has shifted from a bullish value of $71,656 in early June to the month\u2019s low at $61,212. It has drifted more than 7% in the last few days and has impacted the performance of the other altcoins. A major impact has also been seen in its market capitalization […]<\/p>\n","protected":false},"author":2,"featured_media":329960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-329958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329958","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=329958"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329958\/revisions"}],"predecessor-version":[{"id":329962,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/329958\/revisions\/329962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/329960"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=329958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=329958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=329958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}