Selling Pressure Increases, Bitcoin Could Drop to $56K

Bitcoin (BTC) recently fell below the $60,000 mark, hitting an intraday low of $59,550. The cryptocurrency, which was once trading above $60,000, is now facing a scenario of hesitation and uncertainty.

QCP Capital, a renowned player in the cryptocurrency options market, still sees a prevailing long-term bullish trend despite recent price movements. This optimism contrasts with the negative pressure coming from robust macroeconomic data from the US, which indicates a possible resistance to lower interest rates, strengthening the dollar and, in turn, inversely affecting cryptocurrencies.

At the time of publication, BTC price is trading at $60,200.18 with a 3% decline in the last 24 hours. Bitcoin price has once again failed to clear the $63,000 resistance. If BTC remains below $60,000 for a long time, there could be a sharp decline towards $56,000 or even the $52,000 support zone.

Meanwhile, Ethereum (ETH) appears to be following a similar path, stabilizing around $3,300. While not immune to market turbulence, the second-largest cryptocurrency by market cap is down 3.4% in the past 24 hours.

In addition, meme coins such as PEPE and Dogwifhat are facing even steeper declines. PEPE, for example, trading at $0.00001027, has depreciated by 10% in the last 24 hours alone, while Dogwifhat has seen a 13% drop in the same period. This price movement reflects not only unfavorable macroeconomic conditions, but also negative market sentiment, possibly exacerbated by movements by large holders.

In the third quarter, Bitcoin is expected to perform moderately, amid market anticipation of the impact of the relaunch of Mt. Gox operations, an event that could temporarily inflate liquidity and, consequently, prices.

Disclaimer:

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.