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Bitcoin (BTC) bulls are making significant efforts to keep the price above $60,000. During this period, an analyst issued a warning, indicating that investors should be prepared for further declines before a potential rebound.
Analyst’s Commentary on Bitcoin
Analyst YG Crypto, in a post dated April 27, drew attention to Bitcoin‘s critical support levels between $59,000 and $60,000, warning about potential price fluctuations.
The analyst emphasized the importance of this support level. He mentioned that understanding this support is crucial for predicting Bitcoin’s future price levels, indicating whether it will serve as a springboard for the next major price increase or a confirmation of a downturn.
This area could act as a potential springboard for price recovery or a breaking point if the bulls fail to hold on. Investors are closely monitoring how price movements will unfold at this critical point. A decisive bounce could indicate renewed buying pressure, while falling below support could lead to further downward movement.
Current Status of Bitcoin Whales
According to data shared by prominent market figure Ali Martinez, there has been a decline in Bitcoin whale activities since March 14, which seems to be negatively affecting the market. Martinez noted a significant drop in whale activities in the market.
Martinez stated that this rise in whale transactions has been a trigger to rejuvenate interest in BTC.
ETF and Bitcoin Process
Generally, investors were expecting a rise after the last halving, yet the trend in Bitcoin appears to be downward. Especially considering historical perspectives, the current price outlook was seen as normal by market watchers.
In the past, Bitcoin encountered two corrections; one before and one after the halving. Thus, this historical view could suggest that Bitcoin might fall again.
On the other hand, recent exits in Bitcoin ETFs also shed light on the reasons behind the ongoing price decline.
Significant exits in GBTC have been creating a noticeable drop in BTC price. As of writing, the BTC price was trading at $63,200 after a 1.24% drop, with the market cap continuing to stay below $1.3 trillion.
