- Recent days have seen a significant drop in the value of Bitcoin (BTC), causing panic among investors and shaking the cryptocurrency market.
- After completing its halving, Bitcoin began to lose value, hitting a low of $56,622, influenced by factors such as the Federal Reserve’s strict interest policy and significant outflows in spot BTC ETFs.
- Investors are now questioning whether Bitcoin, which lost more than 10% of its value in just a few days, can bounce back and what levels will be critical to watch.
Bitcoin’s recent downturn has sparked concern among cryptocurrency investors, with key levels to watch as the market reacts to various influencing factors.
Cryptocurrency Investors Worried About Bitcoin’s Trajectory
After reaching its all-time high, Bitcoin began to decline, losing the $63,000 – $62,000 range and facing substantial sell-offs. Negative data from spot BTC ETFs, panic selling by investors, and ongoing geopolitical tension naturally pulled the market down to lower levels. In a short time, BTC touched $56,622 before rebounding to over $57,500. What levels should be monitored in Bitcoin, which currently does not present a very positive outlook?
Key Levels to Watch in Bitcoin’s Market Performance
At the time of writing, Bitcoin, changing hands at $57,814, may aim for higher levels if the Federal Reserve lowers interest rates, the halving hype begins, or geopolitical chaos subsides. In such a scenario, rises can be tracked towards $59,009 – $60,722 – $62,100 – $63,000 – $64,534 – $67,091 – $71,289 and $73,684 respectively. However, if the current process continues, a decline will be inevitable. In such a scenario, drops can occur towards $56,622 – $52,898 – $50,580 and $47,755 respectively.
Conclusion
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.
