Long

Bitcoin

<ul class="list-ic vertical">
 <li>1 <a>Bitcoin (BTC) Price retraced $60K for the third time in the last two weeks.</a></li>
 <li>2 <a>BTC may crash towards the $56.5K if bulls fail to hold near the psychological level of $60K.</a></li>
 <li>3 <a>At the time of writing, Bitcoin was exchanging hands at close to $60,670, recording a 2.66% decline.</a></li>
</ul>
Bitcoin lost traction after losing close to $64k, falling back to the psychological level of $60K. The daily chart revealed that BTC retraced its path to the $60K level for the third time in a span of 10 days, making it a weaker support.&nbsp;
Increased volume inflow indicates rising seller interest. Long term holders were accumulating over the past two months indicating an improved scenario.&nbsp;
Let’s club all the data and process them to reach a conclusion where the <a href="https://www.thecoinrepublic.com/2024/06/25/900-bitcoin-dumped-by-german-govt-will-btc-price-plummet-more/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> may lead from now. Let’s try to find out whether BTC may crash towards $56K or rebound towards the $64K mark.
<h2 class="wp-block-heading" id="strong-long-term-holders-are-accumulating-btc-strong">Long Term Holders are Accumulating BTC</h2>
The recent rejection at $64K has increased the risk of a breakdown below at the $60K level. Multiple retracements to the $60K level in a short span of time indicate strong selling pressure at the upper levels.&nbsp; <iframe loading="lazy" title="Santiment Chart: Price (BTC), Volume (BTC), Price (BTC) MA(50), Price (BTC) MA(200)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-04-02T18%3A30%3A01.973Z&amp;dt=2024-07-03T18%3A29%3A59.973Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd%3B%5B2%3Bprice_usd%3BMA50%5D%3B%5B2%3Bprice_usd%3BMA200%5D&amp;wax=0%3B1&amp;wc=%2333bd5d%3B%23D2D6E7%3B%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%3B%3B" scrolling="no"></iframe>
There has been a notable shift in the volume inflow along with the price drop. The transaction volume surged by 10% a day to $24.9 Billion. The rising transaction volume points to an increased supply.&nbsp;
Furthermore, as per the data obtained from Glassnode, Despite BTC suffering selling pressure last month, there has been a net accumulation by long term holders for the first time this year. Long term holders might be accumulating lows.
<h3 class="wp-block-heading" id="strong-btc-technical-outlook-strong">BTC Technical Outlook?</h3>
From a technical point of view, Bitcoin suffered rejection from the 20 day EMA near $64K, indicating short term seller domination. BTC is headed towards the lower side and may move sideways till it reaches the 200 day EMA at $58K if it breaks below $60K. 
<a href="https://in.tradingview.com/chart/BTCUSD/lDOWvjq2-Bitcoin-Retraces-60K-Mark-For-Third-Time-A-Prelude-To-56K-Ahead/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
At the time of writing, the RSI line was placed close to 35.9 points and that of the SMA line was placed at 35.71. Both the lines were placed below the mean and were headed downwards indicating a negative stance. Moreover, a bearish crossover between both the lines was about to happen adding confirmation to it.&nbsp;
<h3 class="wp-block-heading" id="strong-what-s-next-for-btc-56k-or-64k-strong">What’s Next For BTC: 56K or 64K?</h3>
Bitcoin’s recent rejection from $64K suggests a potential drop below the $60K mark as the price has made multiple retracements in the last 10 sessions. It reflected increasing seller dominance. Moreover, transaction volume rose by 10% to $24.9 billion, signaling an increase in supply. Despite the sell-off, the long-term holders were accumulating last month.
From a technical point of view, Bitcoin’s rejection from the 20-day EMA reflects short-term seller control, with a possible decline to the 200-day EMA at $58K if it falls below $60K. The RSI and SMA lines were below the mean, with a bearish crossover imminent, exacerbating the bearish outlook.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Bitcoin Retraces 60K Mark For Third Time: A Prelude To 56K Ahead?

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Thecoinrepublic.com

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