{"id":626979,"date":"2024-06-29T07:00:59","date_gmt":"2024-06-29T07:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=626979"},"modified":"2024-06-29T07:04:50","modified_gmt":"2024-06-29T07:04:50","slug":"is-the-bitcoin-price-correction-over-heres-the-support-level-to-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/is-the-bitcoin-price-correction-over-heres-the-support-level-to-watch\/","title":{"rendered":"Is The Bitcoin Price Correction Over? Here\u2019s The Support Level To Watch"},"content":{"rendered":"

The Bitcoin price suffered significant bearish pressure<\/a> over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week \u2014 its lowest in nearly two months.<\/span><\/p>\n

While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price.<\/span><\/p>\n

$56,000 The Ultimate Support Level For Bitcoin: CryptoQuant<\/strong><\/h2>\n

In a recent report<\/a>, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.<\/span><\/p>\n

Related Reading: Ethereum\u2019s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In<\/a><\/div>\n

The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May.<\/span><\/p>\n

\"Bitcoin
Source: CryptoQuant\/X<\/a><\/figcaption><\/figure>\n

For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network.\u00a0<\/span><\/p>\n

The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals.<\/span><\/p>\n

Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May.<\/span><\/p>\n

According to CryptoQuant\u2019s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips<\/a> below this level, the market leader could experience a major correction.<\/span><\/p>\n

Bitcoin Price At A Glance<\/strong><\/h2>\n

As of this writing, the Bitcoin price<\/a> has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin\u2019s performance on the weekly timeframe is deeper in the red.<\/span><\/p>\n

According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion.<\/span><\/p>\n

Related Reading: Steam\u2019s Clicker Game Sensation Opens Debate About NFTs And Crypto Gaming<\/a><\/div>\n
\"Bitcoin
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week \u2014 its lowest in nearly two months. While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price. $56,000 The Ultimate Support Level For Bitcoin: CryptoQuant In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency. Related Reading: Ethereum\u2019s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May. For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network.\u00a0 The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals. Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May. According to CryptoQuant\u2019s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction. Bitcoin Price At A Glance As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin\u2019s performance on the weekly timeframe is deeper in the red. According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion. Related Reading: Steam\u2019s Clicker Game Sensation Opens Debate About NFTs And Crypto Gaming Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":569407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,679,1122,78790,83531],"class_list":["post-626979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\nIs The Bitcoin Price Correction Over? 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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