HomeNewsCrypto Carnage: Bitcoin's Freefall! Will BTC Price Land at $25,000 or $30,000...

Crypto Carnage: Bitcoin’s Freefall! Will BTC Price Land at $25,000 or $30,000 First? Shocking Report

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    • Bitcoin’s recent decline and reaching its lowest level in over six weeks suggest a potential bearish trend in the short term.
    • Mixed signals from indicators and market sentiment make it uncertain whether Bitcoin will rise above $30,000 or break below $25,000.

Bitcoin’s Price and Market Analysis

Bitcoin’s price has experienced a decline for two consecutive days, reaching its lowest level in over six weeks. Currently priced at $27,626, it has seen a 2.21% decrease in the last 24 hours and a 7-day decrease of 1.77%. The decreasing exchange reserve indicates lower selling pressure, and more investors are selling at a loss, possibly indicating a market bottom in the midst of a bear market.

Liquidations and Indicators

Over the past 24 hours, there have been liquidations of 51.03% of long positions, according to CryptoQuant. The relative strength index (RSI) suggests an oversold condition, and 75.00% of price movement in the last two weeks has been downward, potentially signaling a trend reversal.

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Factors Influencing Bitcoin’s Price

Regulatory uncertainty and technical issues in the network, such as a drop in liquidity, have contributed to the decline in demand for Bitcoin and its subsequent price drop. Whether the market will recover in the short term or continue the downward trend remains to be seen.

Bitcoin’s Key Trends and Market Free Fall

US investors’ buying pressure in Coinbase remains relatively strong, which could potentially lead to higher prices. Analyst Crypto Tony tweeted about the dips, suggesting the possibility of significant price increases in June and July. Additionally, the correlation between Bitcoin and the stock market has weakened, indicating that macroeconomic factors have become less influential in the digital asset market.

However, recent developments indicate a free fall in the crypto market as Bitcoin’s price breaks below the key 200-weekly moving average (WMA) level. Bitcoin briefly fell below $26,100, experiencing a downfall of over 5% in the last 24 hours. Ethereum (ETH) also fell more than 5% below $1,750, contributing to the broader sell-off in the crypto market.

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Bitcoin’s Price and Technical Indicators

Breaking below the key 200-WMA level is considered a crucial indicator of price direction in the crypto market. Technical indicators such as Bollinger Bands and RSI suggest weakness in Bitcoin’s upside momentum, potentially leading to a fall to $24,600. In the 1-hour and daily timeframe, BTC price already shows patterns of further downfall, with the RSI falling to 34, indicating weakness in Bitcoin.

Furthermore, Ethereum (ETH) against Bitcoin (BTC) is displaying weakness, and altcoins are undergoing a correction. ETH/BTC failed to break the 0.069 level for a bullish move and started a decline, falling to 0.066 in recent days. The implied volatility (IV) for ETH has also hit lower levels, with short-term IV reaching an all-time low across all terms. There is a risk of Ethereum’s price falling to $1,500 if crucial support levels are broken.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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