{"id":632979,"date":"2024-08-04T14:30:54","date_gmt":"2024-08-04T14:30:54","guid":{"rendered":"https:\/\/wncen.com\/?p=632979"},"modified":"2024-08-04T09:34:51","modified_gmt":"2024-08-04T09:34:51","slug":"bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\/","title":{"rendered":"Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst"},"content":{"rendered":"

The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. <\/span>As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days.
\n<\/span><\/p>\n

Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch<\/a><\/div>\n

Bitcoin Price Far From Recovery?\u00a0<\/strong><\/h2>\n

In a Quicktake post<\/a> on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies<\/span>\u00a0that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to abramchat, Bitcoin\u2019s recent price fall can be attributed to economic and political news which have negatively impacted several financial markets prominently the stock market which recorded significant losses<\/a> on Thursday and Friday.<\/span><\/p>\n

Bitcoin\u2019s price drop is also likely influenced by defunct crypto lender Genesis finally commencing<\/a> repayments to creditors after declaring bankruptcy in January 2023. On Friday, Genesis<\/a> transferred out $1.5 billion in Ethereum and Bitcoin as they aim to offload $4 billion in debt.<\/span><\/p>\n

Commenting on Bitcoin\u2019s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. <\/span>However, such low price levels were recently seen in early July, following the massive market sell-off by the German government.<\/span><\/p>\n

In addition, abramchart has warned investors to be cautious in purchasing altcoins at the moment. The analyst believes the current market \u201cnegativity\u201d could produce a significant deleterious effect on other coins aside from Bitcoin.
\n<\/span><\/p>\n

Related Reading: XRP, Bitcoin Sentiment Remains Very Positive: Bad Sign For Price?<\/a><\/div>\n

BTC Price Overview<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $60,597 following a 1.20% decline in the last day. Notably, the premier cryptocurrency dipped below the $60,000 mark on Saturday for the first time since mid-July.<\/span><\/p>\n

Currently, Bitcoin\u2019s daily trading volume is also down by 24.45%, indicating a low level of interest due to diminished buying and selling activities. However, with a market cap of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset.<\/p>\n

\"Bitcoin\"
BTC trading at $60,974 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch Bitcoin Price Far From Recovery?\u00a0 In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies\u00a0that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses.\u00a0\u00a0 According to abramchat, Bitcoin\u2019s recent price fall can be attributed to economic and political news which have negatively impacted several financial markets prominently the stock market which recorded significant losses on Thursday and Friday. Bitcoin\u2019s price drop is also likely influenced by defunct crypto lender Genesis finally commencing repayments to creditors after declaring bankruptcy in January 2023. On Friday, Genesis transferred out $1.5 billion in Ethereum and Bitcoin as they aim to offload $4 billion in debt. Commenting on Bitcoin\u2019s future price trajectory, abramchart states that the failure of the digital asset to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 – $54,000 which represents the next significant support zone. However, such low price levels were recently seen in early July, following the massive market sell-off by the German government. In addition, abramchart has warned investors to be cautious in purchasing altcoins at the moment. The analyst believes the current market \u201cnegativity\u201d could produce a significant deleterious effect on other coins aside from Bitcoin. Related Reading: XRP, Bitcoin Sentiment Remains Very Positive: Bad Sign For Price? BTC Price Overview At the time of writing, Bitcoin trades at $60,597 following a 1.20% decline in the last day. Notably, the premier cryptocurrency dipped below the $60,000 mark on Saturday for the first time since mid-July. Currently, Bitcoin\u2019s daily trading volume is also down by 24.45%, indicating a low level of interest due to diminished buying and selling activities. However, with a market cap of $1.19 trillion, Bitcoin remains the largest digital asset and the 9th largest global financial asset. Featured image from Shutterstock, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":632982,"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":[428,6848,1144,78790,83531],"class_list":["post-632979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price-prediction","tag-btcusd","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Loses Crucial Support, Poised For Return To $54,000 - Analyst<\/title>\n<meta name=\"description\" content=\"crypto analyst states that the failure of Bitcoin to reclaim the support level of $64,580 will likely result in a further decline to around $53,000 - $54,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Loses Crucial Support, Poised For Return To $54,000 - 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/closeup-bitcoin-cryptocurrency-upside-down-600nw-2082587002.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/closeup-bitcoin-cryptocurrency-upside-down-600nw-2082587002.jpg?fit=800%2C533"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price prediction","btcusd","btcusdt","cryptoquant"],"dateCreated":"2024-08-04T14:30:54Z","datePublished":"2024-08-04T14:30:54Z","dateModified":"2024-08-04T14:30:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/closeup-bitcoin-cryptocurrency-upside-down-600nw-2082587002.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/closeup-bitcoin-cryptocurrency-upside-down-600nw-2082587002.jpg?fit=800%2C533\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price prediction\",\"btcusd\",\"btcusdt\",\"cryptoquant\"],\"dateCreated\":\"2024-08-04T14:30:54Z\",\"datePublished\":\"2024-08-04T14:30:54Z\",\"dateModified\":\"2024-08-04T14:30:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/closeup-bitcoin-cryptocurrency-upside-down-600nw-2082587002.jpg?fit=800%2C533","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=632979"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/632982"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=632979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=632979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=632979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}