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COINTURK NEWS > Altcoin News > Bitcoin Faces Potential Decline to $50,980
Altcoin News

Bitcoin Faces Potential Decline to $50,980

In Brief

  • Bitcoin faces potential drop to $50,980 amid volatility.

  • Arbitrum's token price lags behind competitors despite strong network activity.

  • NFT volumes have decreased by 81% in the last three months.

COINTURK NEWS
COINTURK NEWS 11 months ago
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The king cryptocurrency continues to experience volatility, with the risk of a drop to $50,980. The risk of a sell-off in July also increases investors‘ concerns. So, what awaits investors in the new month for various altcoins? Let’s take a look at the latest predictions and comments. At the time of writing, the Bitcoin price is at $61,500.

Contents
What Will Be the Bitcoin Price?Arbitrum (ARB)NFT

What Will Be the Bitcoin Price?

BTC has tested the $60,000 support multiple times and still hasn’t fully moved away from it. The several-week-long decline series, which has been devastating for altcoins, has created significant lows. There is an even more notable detail for BTC on the weekly chart. A double top formation is becoming evident, indicating a downward trend.

Moreover, unlike previous attempts, it poses a higher risk of loss. If Bitcoin’s price continues to stay below the neckline at $61,483, it will seek support at $58,874. The formation’s bottom target is $50,982. This figure is the lowest in the last four months.

Another risk is the “Sell in May and go away” motto, which started in May. This psychology, which also affects BTC ETF inflows, could make July even more unpleasant.

Arbitrum (ARB)

One of the largest Ethereum scaling solutions, network activity is very strong, but the token price lags far behind its competitors. ARB, the second-largest Layer-2 token after Polygon (MATIC), has been melting for weeks. Token demand is weak, and the declines since early March have reached 60%. The price has fallen to $0.79, forming a head and shoulders pattern.

Here too, a downward formation is becoming evident, and if $0.739 cannot be maintained as support, sales may continue to determine a new all-time low. The negative scenario for BTC needs to reverse unexpectedly. Amid billions of dollars in sales and liquidations, bulls experienced destruction similar to the tough days of bear markets during an upward trend.

NFT

Overall, there may be activity in NFTs in July. Volumes have dropped by 81% in the last three months, falling to $7.9 million. The lack of innovation in this area has quickly led to a loss of interest. We saw a similar scenario in Metaverse altcoins. If the weakness continues, there could be new lows in popular NFT collections.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 30 June, 2024 - 4:03 pm 30 June, 2024 - 4:03 pm
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