CandleFocus Bitcoin Price Analysis: The Reason Behind BTC’s Crash to $60K Today
2024-10-02
Author: Content Editor
Bitcoin's price is currently trending down due to the potential war in the Middle East. The price dropped below the key $64K mark and the 200-day moving average, indicating a bearish shift in momentum. The $60K support level remains intact for now, but a further decline toward $56K is possible. The market structure suggests a deeper correction toward $57K, unless the price climbs back above $64K soon. Despite the price drop, future market sentiment metrics are still overheated, and a long liquidation cascade has not occurred yet. A further decline could lead to a rapid market crash and push the price even lower toward $50K.
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