- Bitcoin briefly falls below $60,000, then stabilizes around $60,500.
- Various factors contribute to the decline, including large BTC transfers and market reactions.
- Despite the drop, Bitcoin finds support and shows signs of recovery.
Bitcoin’s price briefly dipped below $60,000 before stabilizing around $60,500. This decline of over 4.50% came after Bitcoin reached a peak of $70,000 in early June. The drop started on June 22, hitting a low of $58,580 before recovering some value.
Edul Patel, CEO of Mudrex, highlighted several reasons for the decline, including significant BTC transfers by the German government and the announcement by Mt. Gox to return $8.5 billion worth of BTC to clients affected by the 2014 hack. These factors introduced selling pressure on Bitcoin. Patel noted that despite the decline, Bitcoin has recovered and is trading above $61,000, with immediate resistance at $61,400 and support at $60,800.
CoinSwitch Markets Desk observed a significant drop of over 8% in Bitcoin’s value, while altcoins showed resilience. Despite the bearish trend, Bitcoin found support at $58.5k and managed a slight rebound above $60k. Analysts suggest that the actual Bitcoin sales might be less impactful than the market anticipates.
According to the CoinDCX Research Team, the market appears stable with reset funding rates and strong technical indicators on higher time frames. Newly released tokens are performing better than older ones. Rajagopal Menon, VP of WazirX, added that despite the recent decline, Bitcoin’s RSI indicates potential buying opportunities, and Solana continues to attract significant investment.
