Bitcoin Tumbles Below $60K, Ether Under $3K; Correction Not Over, Says Strategist

Previously on Wednesday, bitcoin surpassed $64,000 but later dipped as low as $59,900, representing a decrease of over 3% within the last 24 hours and reaching its weakest point since early March. Presently, it is being traded at $60,200.

Most crypto markets showed signs of vulnerability, reflected in every sector of the CoinDesk Market Index (CMI), as they all experienced price declines. The broader CoinDesk 20 Index saw a drop of 1.8%.

Recently, the cryptocurrency market has experienced a decrease in value following a prolonged period of growth that reached its peak last month. Bitcoin has dropped by over 15% from its most recent record high, while certain altcoins have retreated by up to 40-50% from their own peaks. This downturn is consistent with previous pullbacks during cryptocurrency bull markets, according to data from Glassnode.

According to Joel Kruger, a market strategist at LMAX Group, the actions of Bitcoin investors indicate that the market instability may persist for some time, as major investors have yet to jump in and purchase the dips at present prices.

According to the most recent blockchain information, significant Bitcoin owners are reluctant to buy more during this downturn. This hesitance indicates that there might be further declines or a period of stability before Bitcoin recovers. (Kruger’s statement paraphrased)

An important level to keep an eye on for Bitcoin’s price is $59,000. This is a noteworthy area where the cost bounced back on two separate occasions in March.

If the price of bitcoin stays above that level, it will maintain the spotlight on reaching new highs and potentially hitting $100,000. On the contrary, if there is significant downward pressure resulting in a fall below $59,000, this could postpone the bullish trend and trigger a more substantial correction towards $45,000 to $50,000.