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Cryptocurrency experienced a nightmare yesterday, and BTC price rapidly dropped to $58,402 in the last 24 hours. The news of MTGOX refunds starting in July and BTC sales from Germany came within a few days. Despite the fear of potential billion-dollar sales, investors did not see deeper dips.
Bitcoin Expert Commentary
QCP Capital market experts recently provided insights for investors about the next steps for cryptocurrencies. Analysts evaluating the current situation believe the bottom has been reached. The recent test of $58,400 for BTC triggered significant liquidations in long positions, and the trend is still upward. Therefore, bears might need to be cautious in the coming days.
The latest assessment from market analysts includes the following details:
“BTC dropped to $58,500, where we saw the 200D EMA and the bottom of the range. Then, the price bounced back to $61,500.
As markets try to understand what 140,000 BTC means for markets and prices, we expect the selling pressure to continue. Given how expensive it is to hold perp and options positions for a long time, the current Mt Gox creditors are likely not hedged. BTC tested the 200-day EMA and the range bottom. We expect some relief in the short term, and considering the potential of an ETH ETF in July, dips should be bought. We still prefer the use of accumulators.”
Bitcoin (BTC)
The $58,500 support level we mentioned for days was tested by BTC. If closures had started below it, there was potential for sales to continue down to $52,336. However, the price recovered from there. Yet, we see that investors evaluating the bottom from the upper wick on the daily chart did not avoid profit-taking. This indicates that investors still hopeful for a volatile trend continue to hold on.
If BTC can turn $64,500 into support, the next targets could be $67,300 and $71,400. Investors should be cautious in the comeback story for BTC, which has been weakening steadily except for the June 22 break. With on-chain alarms triggered by Germany and MTGOX transfers, investors might make a few more rounds of sales.
