Could Bitcoin Slip to $60K? IF Bull Fails To Overcome $66K, Update On Altcoin
The post Could Bitcoin Slip to $60K? IF Bull Fails To Overcome $66K, Update On Altcoin appeared first on Coinpedia Fintech News
Cryptocurrency liquidations have surged as the global market cap fell below $2.3 trillion, a 4.7% decline. According to Coinglass data, total liquidations have increased by 92.5% in the past 24 hours, reaching $304 million. Of this, nearly 89%, or $279.7 million, came from long positions, driven by the market’s downturn.
Bitcoin price is under pressure, approaching a critical support level of $63,300. This shift comes after a rejection at $67,000, mirroring the cautious overall market sentiment.
Bitcoin Eyes $60K: What’s Next?
In a recent update, renowned crypto trader Emperor noted that Bitcoin has been rejected from the range Point of Control (POC) at $67,000. Although short-term (LTF) long positions are manageable, a recent rejection of $67K indicates a downward trend.
BITCOIN PRICE UPDATE
1. Almost at our level of support at $63,300. Still looks heavy and LTF longs are alright but we rejected from Range POC at $67,000 and heading lower.
2. I will consider longing on LTF sweeps of our level. Next area of interest is from $62,000-$60,000… pic.twitter.com/ix2kH9yfGK
— Emperor
(@EmperorBTC) July 25, 2024
Meanwhile, Emperor outlines a potential strategy, suggesting a willingness to consider long positions on short-term sweeps of the current level. The next areas of interest are identified as between $62,000 and $60,000, which represent the Value Area Low and Range Low.
These levels could provide opportunities for traders looking to capitalize on Bitcoin’s price movements.
Cautious Stance Towards Altcoin
In this volatile market environment, Emperor advises caution, especially regarding altcoins, stating no interest in bidding on them until Bitcoin shows clear strength. He further noted that any clear strength in altcoins might be misleading unless supported by a strong catalyst.
Bulls Need to Overcome $66K Resistance
Bitcoin’s price recently bounced back to $64,050 after hitting a low of $63,502. To prevent a potential downtrend, BTC must break through the crucial resistance at $66,000.
Previously, Bitcoin had earlier surged 28% over 17 days, reaching a high of $67,098 before a 6.8% correction. If Bitcoin can reclaim the $66,000 level, it may signal the continuation of its bullish momentum.
