Experts are now weighing in on Bitcoin’s plunge as price hits $54.2K, an unprecedented move following the halving.
Data from Cointelegraph Markets Pro and TradingView shows ongoing sell-side pressure forcing BTC/USD to three-week lows.
Many traders are also exploring the best TradingView indicators to make sense of market trends and potential reversals during this volatility.
“Bitcoin has entered the CME Gap, but technically, it can only be filled during TradFi trading hours,” Keith Alan, co-founder of trading resource Material Indicators, wrote in his latest X post on Aug. 4.
Alan referred to the void between closing and opening levels on CME Group’s Bitcoin futures markets.
BTC price action tends to either rise or fall to “fill” these gaps after a weekend.
“Bitcoin Will be opening with a new CME gap if it trades at its current value,” popular trader Daan Crypto Trades continued in his own post on the topic alongside an explanatory chart.
Bullish futures bets lost nearly $200 million, CoinGlass data shows, as more than 97,000 traders were liquidated in the past 24 hours on the sudden market movements.
ETH longs led losses at $55 million, followed by bitcoin longs at $43 million, the data shows.
Some traders earlier cautioned of a possible BTC move to the $55,000 level, as reported on Friday, amid geopolitical tensions in the Middle East and dampened sentiment for risk assets such as technology stocks.
Another possible reason as to why Bitcoin is going down can be due to a weaker than painted economy.
“The world’s largest economy could be in a more worrying state than many believed, as the unemployment rate had soared to 4.3% – the highest since October 2021.
Wall Street reacted with immediate price declines but so did crypto,” reports CryptoPotato.
“The reports of a weak US economy and the uncertainty around the Federal Reserve’s actions have scared off some investors, especially larger ones – those who tend to use ETFs to get exposure to crypto.
As previously reports, the outflows from the spot Bitcoin ETFs skyrocketed to almost $240 million on Friday – the highest in about three months.
The withdrawals from the Ethereum ETFs continued to be in the red for a second consecutive week”, the report continued.
What are you thoughts on the current state of Bitcoin?
Will Bitcoin keep falling?
Or will Bitcoin bounce from its current price range?
Leave your thoughts below.
Also Read: Bitcoin Will Now Surge To $200,000 in 2025 Says Analyst
Other Crypto News Today
An analyst now says Bitcoin (BTC) will hit all time high numbers by the end of 2024, due to new demand and buying pressure.
Bitwise analyst Ryan Rasmussen is bullish on Bitcoin (BTC) based on the tremendous amount of volume going into Bitcoin ETFs.
The researcher at Bitwise Asset Management says that over one billion dollars has flown into the company’s Bitcoin spot ETF.
“I think it’s no surprise we’ve seen the price of Bitcoin rise following the launch of those ETFs and I think it will be the same for Ethereum or other assets if there were more ETFs to come into the market,” the analyst told Yahoo Finance on Monday.
“With all that sideline capital, I think we’re still in the early innings of crypto reaching its point in the current adoption curve where we have everyday investors, institutional investors, and retail investors, all allocating to these products — and ETFs are just one of those really great vehicles that help bring those investors to market and help create a highway for them to allocate to not just Bitcoin but Ethereum, Solana, and other assets.”
“We think that Bitcoin will certainly set all time highs in 2024.
That previous price is right around $69,000, but we don’t think it’s going to stop there.
We think that we’ll at least see a 10%-15% bump over the last all-time high in 2024 — that would take us to the mid $80K range, so I think our target was $88K by the end of 2024 and I’m still thinking by that seeing all the excitement in the market today,” the analyst continued.
Bitcoin is currently trading at $54,7K at the time of this publication.
What is your Bitcoin price prediction for 2024 and 2025?
Will Bitcoin continue to go up in 2024? Leave your thoughts below.
Also Read: This CEO Now Sees Bitcoin (BTC) Surge to $100K
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