Will Bitcoin price drop below $60,000 again?

Will Bitcoin price drop below $60,000 again?

Bitcoin (BTC) has recently surged to surpass $63,000 and has maintained stability at this level. However, recent fluctuations have sparked speculations regarding Bitcoin’s price trajectory, with some analysts warning of a potential upcoming decline. Additionally, there is a possibility of the price recovery extending to $60,000. Nevertheless, analysts remain optimistic about the long-term prospects of cryptocurrencies.

Will Bitcoin drop to $60,000? According to Michael van de Poppe, a renowned cryptocurrency analyst, he believes that the price of Bitcoin (BTC) has stabilized. However, he anticipates a slight correction within the range of $60,000 to $61,000. He also noted that the bottom price of Bitcoin was reached before the recent Federal Open Market Committee meeting, during which significant selling pressure typically occurs.

Highlighting the anticipated decline in Bitcoin’s price, Poppe wrote: “I expect the correction to continue to $60-61k and then consolidate steadily within this range.” Meanwhile, other cryptocurrency analysts like Captain Vybik foresee an equivalent rise for Bitcoin. In a recent post on X, when Bitcoin was trading below $60,000, Vybik pointed out that a rebound back above $61,000 may lead to an upward trend.

He wrote: “Bulls need to overcome the $61,000 resistance area to confirm the bullish breakout of the wedge.” However, after surpassing this resistance level, Bitcoin’s price must exceed $64,000 to record a new all-time high. Vybik expects Bitcoin’s price to reach $78,000 after a successful breakout.

Currently, Bitcoin’s Relative Strength Index (RSI) stands at 49, according to TradingView. This value indicates that the cryptocurrency is neither in overbought nor oversold territory. Thus, market equilibrium is maintained, presenting an opportune time for entry as well.

However, the risk of a short-term price correction is not ruled out due to selling transactions indicating short-term pressure. Nonetheless, bulls should look for a successful Bitcoin breakthrough above the $64,000 level for a long-term equivalent trajectory. Furthermore, Poppe’s analysis suggests that Bitcoin is unlikely to drop below $60,000 even in the event of a correction, signaling a bullish sentiment.

Bitcoin maintains its $63,000 price level after rising above $63,000. Bitcoin has held onto this level. As of writing this report, Bitcoin’s price has risen by 1.06% to reach $64,000 on Sunday, May 5. Meanwhile, Bitcoin’s trading volume has decreased by 39.27% to $19.73 billion over the past 24 hours.

At the same time, the cryptocurrency market’s capitalization reached $1.25 trillion. On the other hand, Bitcoin’s buying and selling transactions faced strong competition in the liquidation market. According to Coinglass data, selling transactions dominated liquidation operations worth $18.32 million, while buying transactions amounted to $9.67 million.

Liquidation operations for short positions may lead to short-term pressure, potentially causing Bitcoin’s price to rise before declining. However, analysts indicate that Bitcoin will stabilize around the $60,000 level despite the downturn. BTC is currently experiencing sideways movement.

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