Analyst Warns of Potential Bitcoin Decline: Key Level to Watch
Bitcoin, the leading cryptocurrency, recently experienced a decline to $62,300 before rebounding and surpassing $65,000. However, an analyst has warned that the risk of further decline is not over yet and has identified a key level that should be protected.
The recent decline in Bitcoin has been attributed to tensions in the Middle East. Currently, Bitcoin is trading close to $64,000, hovering around its 50-day moving average, which is an important technical support level for investors.
Alex Kuptsikevich, a senior market analyst at FxPro, discussed possible scenarios for Bitcoin in an interview with CoinDesk. He highlighted the critical levels of $63,000 and $61,000 that should be closely monitored if the decline continues.
According to Kuptsikevich, the dynamics and reactions near the 50-day and 200-day moving averages at $63,000 and $61,000 will play a significant role in determining Bitcoin’s future trajectory. If these support levels fail, Bitcoin could potentially drop to $55,000, which is a cause for concern.
Kuptsikevich also noted that historically, August has been one of the worst months for Bitcoin. In the past 13 years, Bitcoin has only risen 5 times and fallen 8 times during this month.
As of now, Bitcoin is trading at $64,350. However, investors should remain cautious and closely monitor the market for any further developments.
Please note that this article does not constitute investment advice.
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