The leading cryptocurrency dropped below $61,000 as expected. This has been happening for months. Increased sales on Binance overshadow US-based demand, naturally driving the price down. So, what’s the latest in the cryptocurrency markets? Here are the details.
Why Is Bitcoin Dropping?
The dollar index hit a 52-week low and is about to fall below 100. This indicates a weakening dollar and upcoming interest rate cuts. Normally, with the DXY this weak, the BTC price should be soaring. However, that’s not happening. The intense interest in futures has led investors to believe that every upward attempt will fail.
Therefore, investors persistently rush to sell at every peak. Following the last resistance attempt at $65,000, the expected happened again, and as we’ve experienced for months, BTC quickly turned downward with rapid sales.
If we start seeing closures below $61,700, this could pave the way for a new downward movement towards $55,000. The price is already at the $60,100 threshold. Sales for altcoins will likely accelerate in the coming minutes. Investors should remain cautious against sudden fluctuations in altcoins.
