The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading: Wondering When To Buy Bitcoin? Here Are The Levels To Watch Bitcoin Price Far From Recovery? In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average price at which investors have purchased Bitcoin over the last six months. Such development implies that the average investor is likely currently underwater which can lead to an increased selling pressure in a cut their losses or avoid further losses. According to abramchat, Bitcoin’s recent price fall can be attrib ..
Support the originator by clicking the read the rest link below.
