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With the coinuation of selling pressure in the digital currency market, the price of Bitcoin fell by more than 5% yesterday and reached the critical range of $74,000. A level that is now under the microscope of traders as a key support.
In the same situation, veteran market trader Peter Bre has updated his bearish scenario and lowered the downside target for Bitcoin from $58,000 to around $54,000.
According to Bre’s analysis, the failure of the curre support could first push the price down to $66,500 and, if the selling pressure iensifies, down to the $54,000 range.
This warning comes at a time when the global macroeconomic environme, the increase in geopolitical tensions and the possible shutdown of the US governme have iensified the bearish seimes of the market.
At the same time, capital outflows from bitcoin spot ETFs suggest that institutional investors are also acting more cautiously. The 13% decrease in the volume of transactions and the significa drop in the open ierest of futures coracts is also a sign of the decrease in risk tolerance and uncertaiy of traders.
For investors, these conditions mean increased volatility and the importance of risk manageme; Because the price reaction to support levels can determine the short-term path of the market.
written by the market in the shock of Bitcoin’s fall to 74 thousand dollars; How long will the BTC price fall? First time in Cryptocurrency News. appeared
