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Bitcoin

when

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-60000-again/" data-wpel-link="internal">Bitcoin Price Drops Below $60,000 Again</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/grayscale-launches-mini-version-of-bitcoin-trust/" data-wpel-link="internal">Bitcoin</a> price made a positive start to Monday and then rose above $63,000. After these events, expectations turned to bigger increases, but this did not happen. The <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> literally crashed once again.</p> 
<h2 style="text-align: justify" id="btc-price-comments">BTC Price Comments</h2> 
<p style="text-align: justify">Bitcoin (BTC) price fell below the $60,000 level once again. After the decline, a cryptocurrency analyst made statements about a potential further drop.</p> 
<p style="text-align: justify"><strong>DonAlt</strong>, an analyst, made significant statements on X. In his statement, the analyst, progressing through the weekly chart, indicated that if a critical support level is not regained, the downtrend in Bitcoin could continue.</p> 
<blockquote> 
 <p>BTC update: the crappy drop retest did its job. I’m not sure if the crappy support will do its job again. It makes sense to be cautious about everything until $63,800 is regained or lower supports are reached. Until then, we won’t take risks.</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-367739" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-kac-dolar-olur-coin-turk-com.png" alt="" width="919" height="430"></p> 
<p style="text-align: justify">After the recent price movements, Bitcoin fell to $59,700 but then recovered slightly and rose back to $59,900. Following this price movement, the market volume reached $1.18 trillion, while the trading volume was $29 billion after a 41% increase.</p> 
<h2 style="text-align: justify" id="analysts-bitcoin-comments">Analysts’ Bitcoin Comments</h2> 
<p style="text-align: justify">One of the prominent analysts on X, the Flow Horse, also made significant statements about <strong>BTC</strong>. The analyst emphasized that a price movement towards $40,000 on the Bitcoin side is not impossible and that this situation should be kept within the evaluation limits.</p> 
<blockquote> 
 <p>The market is still overly confident about how much we can fall if this range breaks. Almost everyone I see in my timeline and chats, who are only momentarily bearish, thinks in terms of a few points when it comes to lower levels. They don’t even want to think about Bitcoin reaching $40,000 again. This is shortsightedness for obvious reasons.</p> 
</blockquote> 
<p style="text-align: justify">In addition to these analysts, well-known market analyst Benjamin Cowen released a new video, stating that Bitcoin could experience a further downward movement in the context of the 10-year yield (US10Y) ratio’s historical correlation.</p> 
<blockquote> 
 <p style="text-align: justify">One of the reasons you often see Bitcoin declining is that the long yield curve starts to rise… but if you look at the 10-year yield, what you’ll notice is that when the 10-year yield really rises as it is here, Bitcoin really starts to decline from July [2023] and October [2023]. And if you look at the previous year [2022], when it rose until October, Bitcoin was declining then. So if the 10-year yield starts to rise again towards October, this could correspond to Bitcoin showing some of its seasonal weakness.</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-drops-below-60000-again/" data-wpel-link="internal">Bitcoin Price Drops Below $60,000 Again</a></h5>

Bitcoin Price Drops Below $60,000 Again

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