If Bitcoin falls below the $60,000 level, there are risks of a decline to $52,000 before resuming growth. This scenario was presented in CryptoQuant.
Experts added that pessimistic developments are not inevitable due to the dominance of ETF buying. Clients of structures may absorb excess supply as a result of liquidations, the trigger of which will be the breakdown of $60,000.
Analysts noted that, unlike the previous halving, crypto derivatives market participants are being more cautious this time. This is reflected in the relatively low volume of open positions and moderate funding rates.
On-chain analysis indicates good chances of keeping the price above support.
According to CryptoQuant calculations, the daily influx of coins to hodlers’ addresses reached a new all-time high of 27,700 BTC. The previous record of 25,100 BTC dates back to March 22, 2024.
Analysts included wallets with the following characteristics in this category:
- no outgoing transactions;
- balance exceeds 10 BTC;
- addresses excluded from the sample CEX and miners;
- wallets received coins as a result of at least two operations;
- The “age” of the last transaction is no more than seven years.
The key nature of the zone around $60,000 was also pointed out by an analyst under the pseudonym Ali.
$61,000 is a very important level for $BTC! If it breaks, it will trigger a correction to $56,200.
But if #Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for… pic.twitter.com/KOg4HuZOJ2
— Ali (@ali_charts) April 18, 2024
According to the analyst's calculations, a drop to $50,500 will lead to the forced closure of Bitcoin positions on Binance alone in the amount of $15.1 billion.
#Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone! pic.twitter.com/9wQTVwprgx
— Ali (@ali_charts) April 17, 2024
On April 12-14, the volume of liquidations in the crypto derivatives market amounted to almost $2.1 billion.
Earlier, analyst and co-founder of CMCC Crest Willy Wu warned of the formation of a bearish phase if the rate of the first cryptocurrency falls below $58,900.
Coinify CEO Rikke Staer admitted that the price dynamics of Bitcoin after the halving will correspond to the principle of “buy on rumors, sell on the facts.”
Source: Cryptocurrency
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