Recent Price Action
Bitcoin’s performance has been disappointing, with a significant decline in its price. This trend has also affected other major cryptocurrencies.
Analysis from CryptoQuant
According to blockchain intelligence firm CryptoQuant, Bitcoin could drop to $60,000. This is based on the fact that Bitcoin has fallen below a key support level of $65,800.
Bearish Indicators
- Bitcoin is trading below the $65,800 support level.
- Short-term holders are selling their Bitcoin.
- Demand from large investors is weak.
- Stablecoin liquidity is declining.
Support for the Bearish Projection
These indicators suggest that Bitcoin is facing downward pressure and could potentially correct by 8-12%, leading to a price target of $60,000.
Current Bitcoin Price
As of writing, Bitcoin is trading around $64,000, down 1.2% in the last 24 hours. Over the past two weeks, it has lost nearly 8% of its value.
