Institutional response in reopening US markets and economic data could determine Bitcoin's next move.prices plummeting in recenty. The primary culprit appears to be the initiation of creditor payouts by Mt. Gox, the defunct cryptocurrency exchange. This large-scale BTC liquidation has spooked investors and triggered a wave of selling, pushing the price near its yearly lows.
The ongoing Mt. Gox payouts raise the possibility of continued price drops as investors anticipate further selling. This could be exacerbated by ETF sales triggered by a bearish market perception. Despite the current negativity, a recovery wave for Bitcoin remains possible once the selling finds equilibrium. This will likely hinge on positive developments and a confirmation of potential recovery through technical indicators.The weekly chart reveals a sharp decline in Bitcoin after losing the $60,400 support level. The next significant support lies around $50,400. Should Bitcoin close below this level on the weekly chart, the price could drop further to $43,900, aligning with the Fib 0.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »