Bitcoin

Veteran trader Roman Trading forecasts that Bitcoin might drop to $60,000 due to bearish pressure. This comes after the US government moved $2 billion in Bitcoin, alongside Trump’s pro-crypto speech.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8c5d701237cb4d0d8e05b1be88ec4134.png" />Bitcoin, currently at $66,568, has fallen by 3.83% in the last 24 hours and 0.25% over the past week. This drop could be linked to the government’s <a href="https://cryptosheadlines.com/massive-9-billion-bitcoin-transfer-puts-mt-gox-back-in-headlines/" rel="noopener noreferrer nofollow">Bitcoin transfer</a>.<h3 id="bitcoin-shows-bearish-divergence-potential-for-double-top-reversal">Bitcoin Shows Bearish Divergence: Potential for Double-Top Reversal</h3>According to Roman Trading, Bitcoin’s 1-day chart indicates bearish divergence, suggesting a possible double-top reversal. This pattern occurs when Bitcoin reaches new highs, but momentum indicators like the RSI or MACD fail to confirm the trend, signaling a <a href="https://cryptosheadlines.com/understanding-solanas-796m-loss-potential-impact-on-sols-future/" rel="noopener noreferrer nofollow">potential loss</a> of upward momentum.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/920c27bbeec44237b9ded5c5f789c3db.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/abff487401264ca6bc5dd18fa55c2827.jpeg" />Analyst Tweet – Source: <a href="https://x.com/Roman_Trading/status/1818069385313141182" rel="noopener noreferrer nofollow">X</a>The presence of a double-top setup implies that Bitcoin might peak before undergoing a downward correction. Recent data shows Bitcoin dropping from $69,811 to $66,842, marking a $3,000 decline in just 24 hours, which could signal growing bearish sentiment.Roman Trading advises that Bitcoin may continue to fall if it cannot maintain the resistance level at $66,000. Key support levels to watch include $64,000 and potentially $60,000.<h3 id="impact-of-recent-u-s-government-actions-on-bitcoin-s-price">Impact of Recent U.S. Government Actions on Bitcoin’s Price</h3>The recent drop in Bitcoin’s price appears to be linked to significant actions by the U.S. government. On Monday, the <a href="https://cryptosheadlines.com/us-government-moves-300-million-worth-of-btc-from-coinbase/" rel="noopener noreferrer nofollow">government moved $2 billion worth</a> of seized Bitcoin, which had a substantial impact on the market. This transfer occurred just two days after <a href="https://cryptosheadlines.com/us-presidential-candidate-vivek-ramaswamy-to-accept-bitcoin-donations-for-campaign/" rel="noopener noreferrer nofollow">presidential candidate Donald Trump announced plans to acquire Bitcoin</a> (BTC).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/47a38d2948514777a5b91cfc2946d2cf.png" />Source: <a href="https://x.com/ArkhamIntel/status/1817962145985724629" rel="noopener noreferrer nofollow">X</a>The transaction involved transferring 29,800 BTC to a new address, which had no prior transaction history. This address then acted as an intermediary, forwarding 19,800 BTC to another address, while 10,000 BTC, valued at around $670 million, was sent to a third address.<a href="https://cryptosheadlines.com/blackrock-warns-about-cryptocurrency-scams/" rel="noopener noreferrer nofollow">Also Read: BlackRock Warns About Cryptocurrency Scams</a>Despite these bearish indicators, veteran trader Roman Trading remains optimistic about <a href="https://cryptosheadlines.com/valkyrie-bitcoin-futures-etf-inspired-by-tradfi-memes/" rel="noopener noreferrer nofollow">Bitcoin’s future</a>. He suggests that excessive negative sentiment could create conditions conducive to a significant price rally, as overly pessimistic traders might set up the right environment for a substantial increase.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Bitcoin Price Drop: Could $60K Be the New Target?

Table of Contents

CryptosHeadlines.com

Other articles published on Jul 30, 2024

Solana Decreases More Than 3% Within 24 hours

Automated Crypto Trading: What it is, Pros & Cons

Luke Gromen Discusses Bitcoin’s Role in the US Economy

Bitrue to Deliver World’s First Listings of Three Tokens Built on ICP

How the right platform can transform your crypto experience

KuCoin, the Top-Regulated Coin, Leads the Chart in the Best Crypto Coin Presale of 2024

Join our free newsletter for daily crypto updates!