The occurrence of a BTC price drop since July 3 has led to speculation on the crypto market’s near future, while other sections of stakeholders have claimed it’s an opportunity for buyers.
Crypto volatility has risen sharply in the last 24 hours, and it could have happened to the recent BTC price drop. Bitcoin’s support was at $60,000 on July 3, but it gradually started decreasing in the early hours of July 4. Once the support gave away, a quick dip occurred in Bitcoin’s price. The token has stabilized currently, with its price oscillating above $57,000.
Amidst the higher crypto volatility, Bitcoin has gone below its 200-day trendline with the drop. A section of experts stated huge spot selling transactions were responsible for the dip. Further, BTC will likely face a retest at its current trading levels. Meanwhile, investors could have also booked profits on July 3, since BTC has been broadly stagnant since months. An absence of an uptrend for a long time might have prompted the investors to sell their holdings.
Even after the dip, BTC is sitting on over 30% returns in just the first six months of 2024. Moreover, speculation in social media has led to calls for ‘buy the dip.’ If traders and investors take this cue and start accumulating crypto, a recovery for BTC to $60,000 is possible.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,500 on July 4, 2024, with BTC/USD trading lower by a margin of 4.27% in the last 24 hours. Bitcoin’s market cap was trading at around $1.13 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (63,889.60), as BTC’s 24-hour volume was at around $38.24 billion. The global crypto market cap decreased by around 5.36%, trading above $2.13 trillion. BTC’s year-to-date returns are at 37.34%.
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