Since June, Bitcoin’s price has been on a remarkable downward trend, with the asset falling below $57,000 today and hitting a two-month low. At press time, Bitcoin’s price was trading at $56,905.16, down 5.9% in the past 24 hours.

Cryptocurrency analytics platform Santiment noted on July 4 that Bitcoin’s milestone comes as many cryptocurrency traders bought tokens on the dip as BTC was approaching $60,000.

“Bitcoin has now fallen to a 2-month low, with most altcoins faring much worse. With many traders buying the dip as BTC was approaching $60k, longs have been liquidated aggressively in the past few hours. This goes for other large caps like Ethereum and Solana as well.”

Analysts noted caution among investors who are seeing an opportunity to buy on the dip. “Bitcoin fell to $59,400 and Ethereum to $3,100 in the past hour. The crowd is showing signs of seeing this as an opportunity to buy on the dip. Ideally, we should wait for their enthusiasm to cool down. The time to buy is when they are impatient and skeptical.”

Bitcoin crash not over?

Renowned cryptocurrency analyst Ali Martinez has analyzed Bitcoin’s current price action, suggesting that the largest cryptocurrency’s decline could continue.

Bitcoin price action has been brutal, but only $280.9 million in longs have been liquidated and $25.4 million in shorts. In the past, we have seen mass liquidation events of over $1 billion! This tells us that either the $BTC slide is not over yet or that the shorts are about to be obliterated.”

The expert noted the sentiment of investors regarding the current scenario in the market. According to Martinez, Bitcoin investors are starting to feel anxious as the asset’s decline is deepening.

“Now it looks like most Bitcoin traders have decided to short corn, creating a liquidation wall at $59,600. So $BTC may rally to obliterate these shorts!” the analyst noted.

Bitcoin (BTC) trading volume is $40,474,949,023 in the last 24 hours, representing a 43.90% increase from the previous day, signaling a recent surge in market activity for the cryptocurrency.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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