BTC Price Warning: Binance Eyes Sub-$60K Bitcoin

August 28, 2024 03:27 PM AEST | By Team Kalkine Media

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BTC Price Warning: Binance Eyes Sub-$60K Bitcoin — Image source: shutterstock

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Bitcoin's recent price performance has shifted focus to weakness in the market as the cryptocurrency struggles to maintain momentum above $65,000. This price action has led to concerns about a possible “liquidation cascade” that could drive Bitcoin (BTC) toward $50,000.

Current Market Conditions

Despite a 40% increase from its August low, {Bitcoin} (BTC) recent rebound has faced challenges. Data from Cointelegraph Markets Pro and TradingView reveals that Bitcoin was experiencing approximately 1% losses on August 27, retreating from local highs of $65,100 on Bitstamp the previous day. The short-term outlook for Bitcoin has become increasingly uncertain, with concerns about the ability of buyers to sustain the upward trend.

Popular trader Credible Crypto has highlighted risks in his latest market commentary. He points to the open interest on Binance’s Bitcoin futures market and spot market selling volume as factors that could contribute to a “liquidation cascade” if selling pressure persists. According to his such conditions could drive Bitcoin back to previous range lows, with the exact timing of this decline remaining uncertain.

Similarly, trader Crypto Chase has expressed skepticism about the continuation of the current uptrend. He has noted the possibility of Bitcoin falling below the $60,000 mark and revisiting the mid-$50,000 range if the price drops cleanly below $59,000.

Broader Market Sentiment

On the macroeconomic front, there is a positive outlook for Bitcoin and the broader cryptocurrency market, driven by expectations of easing financial policies, such as interest rate cuts in the United States. Trading firm QCP Capital has highlighted strong inflows into US spot Bitcoin exchange-traded funds (ETFs) as an indicator of market health, contrasting with net outflows observed in newly-launched spot Ether ETFs.

This broader market context suggests that while short-term challenges persist, underlying macroeconomic factors could support future positive movements in Bitcoin and other cryptocurrencies.

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