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Bitcoin Reclaims $56k But Still Faces Potential Drop to $47K, Analyst Reveals Why
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Reclaims $56k But Still Faces Potential Drop to $47K, Analyst Reveals Why

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin Reclaims

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Bitcoin has recently exhibited resilience that has surprised many market spectators. Following a dismal drop to a 24-hour low of $53,898, Bitcoin clawed its way back above the $56,000 mark, up 1.6% in the past hour.

This rebound has been catalyzed by the latest US NFP report revealing a surge in the unemployment rate, which has sparked a surge in buying activity, momentarily easing the bearish pressure. However, this recovery may not signal a sustained upward trend, as experts hint at potential further declines.

Related Reading

Why is Bitcoin price down today

Bitcoin Price Crashes Below $54,000: Top-5 Reasons

1 year ago

Analyst Bitcoin Predictions: A Potential Drop To $47k

A prominent crypto analyst, Ali, has expressed concerns about Bitcoin’s current market positioning. Despite the recent price recovery, he suggests that Bitcoin could significantly drop to around $47,000.

This prediction stems from his analysis of Bitcoin’s support levels, which he believes are insufficient to sustain a long-term bullish momentum.

According to Ali, for Bitcoin to resume its bull run, it would need to “close and hold above $61,000″—a scenario that seems increasingly speculative given the current market condition.

#Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000. pic.twitter.com/9cD2otd4ZK

— Ali (@ali_charts) July 5, 2024

Amid these turbulent market conditions, other financial experts remain cautiously optimistic. Samson Mow, a notable figure in the cryptocurrency space, argues that the current price levels of Bitcoin are the result of artificial market manipulation.

He particularly labels the drastic price movements as “artificial price suppression,” influenced by significant Bitcoin transfers by government entities during periods of low market liquidity. Mow’s assertion suggests that external market forces are at play, potentially skewing the natural price discovery process of Bitcoin.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Surge In Volatility Ahead

Meanwhile, Greek Live highlighted emerging volatility in the cryptocurrency market earlier today, focusing on the imminent expiration of many Bitcoin and Ethereum options.

The report detailed that 18,000 BTC options and 164,000 Ethereum options are set to expire soon, representing notional values of $1 billion and $470 million, respectively.

This situation is particularly notable due to the skewed Put Call Ratios and defined Maxpain points, suggesting potential price pivots at $61,500 for Bitcoin and $3,350 for Ethereum.

The onset of July brought significant market downturns, hitting new monthly lows across major cryptocurrencies. The end of the quarterly cycle triggered enhanced market volatility, providing a strategic window for institutional players to establish positions.

Related Reading

Bitcoin Nears Bottom?

Bitcoin Nears Bottom? QCP Analysts Spot Signs of Capitulation as Prices Tumble Below $59K

1 year ago

Furthermore, amidst a bearish market sentiment, there’s a noticeable increase in the implied volatility of put options for Bitcoin and Ethereum, indicating growing caution among traders.

July 5 Options Data
18,000 BTC options are about to expire with a Put Call Ratio of 0.65, a Maxpain point of $61,500 and a notional value of $1 billion.
164,000 ETH options are due to expire with a Put Call Ratio of 0.36, a Maxpain point of $3,350 and a notional value of $470… pic.twitter.com/uAxOO5gDQ8

— Greeks.live (@GreeksLive) July 5, 2024

Greeks Live further reported that with the upcoming news on Ethereum ETFs and the attractive pricing of end-of-month call options, there’s a strategic opening for investors looking to capitalize on these market conditions.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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