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<p>Bitcoin (BTC), the world’s largest cryptocurrency by market cap is poised for a significant price decline in the coming days. Due to the ongoing conflict between <a href="https://coinpedia.org/news/why-the-crypto-market-is-crashing-today/" rel="noopener noreferrer nofollow">Iran and Israel</a>, overall market sentiment has turned bearish, and BTC has breached its crucial support of $62,150 level.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-btc-current-price-momentum-nbsp"><strong>BTC Current Price Momentum&nbsp;</strong></h2>  
<p>BTC is currently trading near the $60,700 level and has experienced a price decline of over 4.1% in the past 24 hours. During the same period, its trading volume rose by 65%, indicating increased participation from traders and investors.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-levels-nbsp"><strong>Bitcoin Technical Analysis and Upcoming Levels&nbsp;</strong></h2>  
<p>According to the expert technical analysis, BTC appears bearish and is now heading toward the next support of $58,000 level. Despite the outlook, BTC remains above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.&nbsp;</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/10/02205810/BTCUSDT_2024-10-02_20-22-06.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/02205810/BTCUSDT_2024-10-02_20-22-06-1024x448.png" alt="" class="wp-image-358852"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Despite the support at the $58,000 level, given the current market sentiment, there is also a strong possibility that BTC may decline further and reach the $54,000 level in the coming days.</p>  
<h2 class="wp-block-heading" id="h-on-chain-metrics"><strong>On-Chain Metrics</strong></h2>  
<p>In addition to the bearish technical analysis,&nbsp; BTC’s on-chain metrics show a weak bullish sentiment among traders and investors. According to the on-chain analytics firm <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, BTC’s Long/Short ratio currently stands at 1.02, indicating a mildly bullish market sentiment.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/10/02210110/nvdnvvkmd.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/02210110/nvdnvvkmd-1024x268.png" alt="" class="wp-image-358853"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, its future open interest has declined by 5.6% in the past 24 hours and has been steadily falling, indicating that traders have either liquidated their positions or are hesitating to open new ones.</p>  
<p>When the long/short ratio is above 1 and open interest is declining, it means that traders are bullish but may be hesitant to build new long positions.</p>  
<p>Recently, a prominent <a href="https://x.com/ali_charts/status/1841367700548825438" target="_blank" rel="noopener noreferrer nofollow">crypto expert</a> made a post on X (previously Twitter) that traders on Binance, the largest cryptocurrency exchange, are seizing the opportunity to buy the dip. According to the data, 61.36% of top traders hold BTC’s long positions, while 38.64% hold short positions.</p>

Bitcoin Breaks Key Support, $58,000 Next Target?

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