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Bitcoin price made a positive start to Monday and then rose above $63,000. After these events, expectations turned to bigger increases, but this did not happen. The market literally crashed once again.
BTC Price Comments
Bitcoin (BTC) price fell below the $60,000 level once again. After the decline, a cryptocurrency analyst made statements about a potential further drop.
DonAlt, an analyst, made significant statements on X. In his statement, the analyst, progressing through the weekly chart, indicated that if a critical support level is not regained, the downtrend in Bitcoin could continue.
BTC update: the crappy drop retest did its job. I’m not sure if the crappy support will do its job again. It makes sense to be cautious about everything until $63,800 is regained or lower supports are reached. Until then, we won’t take risks.
After the recent price movements, Bitcoin fell to $59,700 but then recovered slightly and rose back to $59,900. Following this price movement, the market volume reached $1.18 trillion, while the trading volume was $29 billion after a 41% increase.
Analysts’ Bitcoin Comments
One of the prominent analysts on X, the Flow Horse, also made significant statements about BTC. The analyst emphasized that a price movement towards $40,000 on the Bitcoin side is not impossible and that this situation should be kept within the evaluation limits.
The market is still overly confident about how much we can fall if this range breaks. Almost everyone I see in my timeline and chats, who are only momentarily bearish, thinks in terms of a few points when it comes to lower levels. They don’t even want to think about Bitcoin reaching $40,000 again. This is shortsightedness for obvious reasons.
In addition to these analysts, well-known market analyst Benjamin Cowen released a new video, stating that Bitcoin could experience a further downward movement in the context of the 10-year yield (US10Y) ratio’s historical correlation.
One of the reasons you often see Bitcoin declining is that the long yield curve starts to rise… but if you look at the 10-year yield, what you’ll notice is that when the 10-year yield really rises as it is here, Bitcoin really starts to decline from July [2023] and October [2023]. And if you look at the previous year [2022], when it rose until October, Bitcoin was declining then. So if the 10-year yield starts to rise again towards October, this could correspond to Bitcoin showing some of its seasonal weakness.
