July 25, 2024

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Bitcoin Price Drops Over Easter, Analysts Divide »Crypto Insiders

Bitcoin Price Drops Over Easter, Analysts Divide »Crypto Insiders

Bitcoin (BTC) This morning it fell even lower. The bulls And bear They’re still dragging both sides, but the bears seem to be in control for now. Despite its strength on the chain Signals, selling pressure continues to mount due to the uncertainty in the financial markets.

Bitcoin price drops 3.5%

The Bitcoin price It lost momentum at $42,500 a week ago, then fell below $40,000 for the first time in a month. Despite a slight bounce on Wednesday, Bitcoin remained stable over the weekend Consolidation about $40,000

Bitcoin tried to hold $40,500 yesterday, but lost ground again by midnight. Initially, bitcoin found support at around $39,700, but it also fell this morning. Bitcoin dropped to as low as $38,750 this morning.

Bitcoin’s drop this morning is accompanied by a significant liquidation, according to data from Coinglass. At least $200 million liquidated in the last 12 hours, of which 95% lung

At the time of writing, Bitcoin is trying to recover $39,000 but it seems to be struggling. Bitcoin is at $38,950 at the time of writing KuCoin and 36,120 euros in Petavavo† This means that BTC price is 3.5% in negativity today and 7.5% in negativity compared to last week.

More pressure to sell bitcoin despite strong base

The drop means that Bitcoin is now falling back into the same range where the price stalled between the end of January and the middle of March. Opinions among analysts remain deeply divided over which way Bitcoin will go in the short term.

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According to some analysts, there is a lot of support around the current price and this could be a bottom. These bulls may see bitcoin take a big hit soon recovery to make. However, many analysts also fear that Bitcoin will drop deeper first and then lows It was retested at the beginning of this year or even last summer. The drop could be somewhere between $27,000 and $35,000. Analyst Blockwise warns of a possible ‘surrender event’:

Glassnode also mentioned that the stock price is now in a “risk zone” which could cause more selling pressure, despite the “strong fundamentals”.

However, the on the chain Bitcoin data continues to show that these fundamentals are getting stronger. Analyst PlanC, for example, indicates that the number of market participants is growing significantly. The lack of new participants has hampered the increase in recent months.

Finally, analyst Lex Moskovsky reports that the supply of bitcoin on exchanges is also continuing to decline and has even reached a new low. This is a very bullish signal for Bitcoin over the long term.

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