Bitcoin Reclaims $56k But Still Faces Potential Drop to $47K, Analyst Reveals Why
06 Luglio 2024 - 7:00AM
NEWSBTC
Bitcoin has recently exhibited resilience that has surprised many
market spectators. Following a dismal drop to a 24-hour low of
$53,898, Bitcoin clawed its way back above the $56,000 mark, up
1.6% in the past hour. This rebound has been catalyzed by the
latest US NFP report revealing a surge in the unemployment rate,
which has sparked a surge in buying activity, momentarily
easing the bearish pressure. However, this recovery may not signal
a sustained upward trend, as experts hint at potential further
declines. Related Reading: Bitcoin Price Crashes Below $54,000:
Top-5 Reasons Analyst Bitcoin Predictions: A Potential Drop To $47k
A prominent crypto analyst, Ali, has expressed concerns
about Bitcoin’s current market positioning. Despite the recent
price recovery, he suggests that Bitcoin could significantly drop
to around $47,000. This prediction stems from his analysis of
Bitcoin’s support levels, which he believes are insufficient to
sustain a long-term bullish momentum. According to Ali, for Bitcoin
to resume its bull run, it would need to “close and hold above
$61,000″—a scenario that seems increasingly speculative given the
current market condition. #Bitcoin currently lacks significant
support. The main key demand wall is around $47,000, and for the
bull run to resume, $BTC must close and hold above $61,000.
pic.twitter.com/9cD2otd4ZK — Ali (@ali_charts) July 5, 2024 Amid
these turbulent market conditions, other financial experts remain
cautiously optimistic. Samson Mow, a notable figure in the
cryptocurrency space, argues that the current price levels of
Bitcoin are the result of artificial market manipulation. He
particularly labels the drastic price movements as “artificial
price suppression,” influenced by significant Bitcoin transfers by
government entities during periods of low market liquidity. Mow’s
assertion suggests that external market forces are at play,
potentially skewing the natural price discovery process of Bitcoin.
Surge In Volatility Ahead Meanwhile, Greek Live highlighted
emerging volatility in the cryptocurrency market earlier today,
focusing on the imminent expiration of many Bitcoin and Ethereum
options. The report detailed that 18,000 BTC options and 164,000
Ethereum options are set to expire soon, representing notional
values of $1 billion and $470 million, respectively. This situation
is particularly notable due to the skewed Put Call Ratios and
defined Maxpain points, suggesting potential price pivots at
$61,500 for Bitcoin and $3,350 for Ethereum. The onset of July
brought significant market downturns, hitting new monthly lows
across major cryptocurrencies. The end of the quarterly cycle
triggered enhanced market volatility, providing a strategic window
for institutional players to establish positions. Related Reading:
Bitcoin Nears Bottom? QCP Analysts Spot Signs of Capitulation as
Prices Tumble Below $59K Furthermore, amidst a bearish market
sentiment, there’s a noticeable increase in the implied volatility
of put options for Bitcoin and Ethereum, indicating growing caution
among traders. July 5 Options Data 18,000 BTC options are about to
expire with a Put Call Ratio of 0.65, a Maxpain point of $61,500
and a notional value of $1 billion. 164,000 ETH options are due to
expire with a Put Call Ratio of 0.36, a Maxpain point of $3,350 and
a notional value of $470… pic.twitter.com/uAxOO5gDQ8 — Greeks.live
(@GreeksLive) July 5, 2024 Greeks Live further reported that with
the upcoming news on Ethereum ETFs and the attractive pricing of
end-of-month call options, there’s a strategic opening for
investors looking to capitalize on these market conditions.
Featured image created with DALL-E, Chart from TradingView
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