2024

Donald Trump

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-btc-price-drop-is-60k-the-new-target-as-bearish-pressure-mounts/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Drop: Is $60K the New Target as Bearish Pressure Mounts?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Following a strong start to the week, Bitcoin, the top cryptocurrency by market capitalization, has experienced a notable drop. Currently <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">priced at $66,568</a>, Bitcoin has fallen by 3.83% in the last 24 hours, with a slight decline of 0.25% over the past week. This recent dip may be linked to the U.S. government’s transfer of $2 billion worth of Bitcoin from Silk Road.&nbsp;</p>
<p>Meanwhile, Veteran crypto trader Roman Trading predicts that Bitcoin could potentially drop further to $60,000 from its current level.</p>
<h2 class="wp-block-heading" id="h-btc-to-fall-to-60k">BTC To Fall To $60K</h2>
<p>According to Roman Trading, Bitcoin is showing signs of bearish divergence on its 1-day chart, which suggests a possible double-top reversal. This divergence happens when the price reaches new highs, but momentum indicators like RSI or MACD do not follow suit.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> 1D<br><br>Eyeing price targets of 64 &amp; 60k respectively.<br><br>Showing bear divs with a possible DT reversal setup.<br><br>My bet is sentiment gets ultra bearish at these levels then we full send up once again.<a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://twitter.com/hashtag/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptonews</a> <a href="https://t.co/YWPA6kPRoY" rel="noopener noreferrer nofollow">pic.twitter.com/YWPA6kPRoY</a></p>— Roman (@Roman_Trading) <a href="https://twitter.com/Roman_Trading/status/1818069385313141182?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>However, such a pattern often indicates that the upward trend is losing strength and could lead to a reversal. The mention of a double-top setup highlights the chances of Bitcoin peaking before experiencing a downward correction.&nbsp;</p>
<p>Roman Trading suggests that sentiment might become <a href="https://coinpedia.org/news/why-is-bitcoin-price-down-today-another-crypto-crash-looming/" rel="noopener noreferrer nofollow">extremely bearish as Bitcoin</a> saw a sudden drop from $69,811 to $66,842, a decline of nearly $3,000 in the last 24 hours.&nbsp;</p>
<p>Although, the trader predicts that Bitcoin could fall further if it fails to hold the resistance level at $66,000. The next key levels to watch are $64,000, and potentially $60,000.</p>
<h2 class="wp-block-heading" id="h-us-government-moves-2-billion-btc">US Government Moves $2 Billion BTC</h2>
<p>The recent drop in Bitcoin’s price might be linked to recent actions by the U.S. government. On Monday, the government transferred $2 billion worth of seized Bitcoin, causing a significant market impact.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">BREAKING:<br><br>The US. Government just moved $2B of Bitcoin to a new address:<br><br>bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd <a href="https://t.co/JQvjKIuRNn" rel="noopener noreferrer nofollow">pic.twitter.com/JQvjKIuRNn</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1817962145985724629?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>This move came just two days after presidential candidate <a href="https://coinpedia.org/news/bitcoin-to-hit-ath-after-donald-trump-bitcoin-conference-2024-speech/" rel="noopener noreferrer nofollow">Donald Trump announced plans</a> to acquire Bitcoin (BTC).</p>
<p>The wallet holding 29,800 BTC was first moved to a new address with no previous transactions. This new address acted as an intermediary, forwarding 19,800 BTC to another address. Meanwhile, 10,000 BTC, valued at approximately $670 million, was sent to a third address.</p>
<h2 class="wp-block-heading" id="h-a-ray-of-hope">A Ray Of Hope</h2>
<p>Despite the bearish signs, Roman Trading is still positive about Bitcoin’s future. If the market becomes too negative, it might help set up a big price increase, as overly worried traders could create the right conditions for a rally.</p>

Bitcoin (BTC) Price Drop: Is $60K the New Target as Bearish Pressure Mounts?

Table of Contents

CoinPedia News

Other articles published on Jul 30, 2024

Jeo Boden Token: A Comprehensive Guide

Crypto Zeus on the New Meme Crypto Presale Project Poised to Become the Official Token for the 20...

Inside BlockDAG’s Tech Leap with CSO Youssef Khaoulaj: Charting a Path to Market Leading ROI; FET...

New Memecoin Pepe Eats Solana (PEPEATS) Will Hit $20 Million Before Exchange Listings, While SHIB...

Ethereum (ETH) Celebrates 9th Anniversary – A Look Back and Forward

Altcoin Season Faces Challenges Despite Market Movements

Join our free newsletter for daily crypto updates!