Bitcoin, the most well-known cryptocurrency in the world, fell sharply and hit a low point of $57,002 per hour. It’s challenging for the digital asset to stay stable because of the recent price changes that have scared sellers and buyers.
CoinGlass reports that the last 24 hours have seen the sale of more than $120 million worth of coins. This big sell-off makes it clear that Bitcoin is under a lot of stress right now.
Bitcoin Faces $60,000 Resistance
@Alejandro_XBT, who goes by the fake name Alejandro and is well-known on the X social media site with over 120,000 fans, spoke out about what was going on. @Alejandro_XBT said that if the market keeps going in the same way it is now, BTC could hit $30,000. He did this by looking at how the price of Bitcoin is moving now and in 2022.
He did stress, though, that BTC probably wouldn’t fall that low without another major black swan event like the FTX crash. The recent downturn in global stock markets caused Bitcoin’s price to quickly drop to $49,000.
Even though it dropped sharply, Bitcoin quickly recovered, rising along with stocks as the crash didn’t last long. Still, the coin has had a difficult time breaking through the $60,000 level of resistance, and there is now more selling pressure on it.
JPMorgan, a large bank, advised buyers to be cautious and not believe that a price rise would last. The bank said there weren’t any clear signs of strength that could cause the price to rise again and again.The market thinks that the U.S. Federal Reserve will lower interest rates next month, which could give it much-needed hope.
People are discussing a potential policy change as a catalyst for Bitcoin’s recovery. Peter Brandt, a commodity broker with a lot of experience, is still hopeful. According to what he knows about the past, BTC could still rise to $90,000 during this run.
