Selling pressure on the Bitcoin market intensifies
Last week, the price of Bitcoin fell below the psychological level of $64,000, reaching a minimum since October 13. According to CoinGlass data, the daily volume of triggered stop-losses (liquidations) in the cryptocurrency market reached a record $663 million, indicating massive sell-offs by traders.
Such high volatility is associated with the general trend towards a decrease in risk appetite in the markets after the recent update of the all-time highs of Bitcoin above $68,000. Investors are taking profits, fearing further price declines.
Analysts' views on the Bitcoin outlook
Experts agree that the current level of sell-offs may indicate further decline in Bitcoin prices in the near term. Several analysts allow the possibility of a drop below $60,000, but note that this is not the final bottom, and in the long-term perspective, the cryptocurrency will continue to grow.
For example, according to Kraken cryptocurrency exchange strategist John Tether, Bitcoin may correct to $53,000 before resuming its upward trend. Other experts point to support around $58,000 and $55,000, which is likely not to be broken in the near future.
Conclusion
The current Bitcoin sell-off is quite expected after the update of historical highs, and in the short term, the price correction may continue. However, in the long run, there is still potential for further growth of the leading cryptocurrency, supported by fundamental factors - the expansion of institutional participation and the growth in the number of users. Investors should consider the current decline as an opportunity to accumulate Bitcoin positions at more attractive prices.