{"id":16453,"date":"2024-08-28T10:07:39","date_gmt":"2024-08-28T07:07:39","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-slips-below-60000-mark\/"},"modified":"2024-08-28T10:07:39","modified_gmt":"2024-08-28T07:07:39","slug":"bitcoin-slips-below-60000-mark","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-slips-below-60000-mark\/","title":{"rendered":"Bitcoin Slips Below $60,000 Mark"},"content":{"rendered":"<p>In the early hours of Wednesday, August 28, the price of the leading cryptocurrency fell below the psychological threshold of $60,000. The decline was exacerbated by the triggering of stop orders, as indicated by the increased trading volume.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1175.webp\" alt=\"1-1175\" class=\"wp-image-239774\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, Bitcoin is trading at $59,200, having lost 5.9% over the past 24 hours. Ethereum&#8217;s daily decline reached 8.2%, with prices breaking below $2500 to $2466.<\/p>\n<p>Among the top 10 cryptocurrencies by market capitalization, Tron (-2%) and BNB (-2.5%) showed greater resilience compared to Ethereum, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-873.webp\" alt=\"2-873\" class=\"wp-image-239775\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>, the total volume of liquidated positions over the day amounted to $321.9 million, with $286.8 million in long positions, most of which were related to Ethereum.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-494.webp\" alt=\"3-494\" class=\"wp-image-239776\"\/><figcaption class=\"wp-element-caption\">Liquidation map. Data: Coinglass.<\/figcaption><\/figure>\n<p>The Fear and Greed Index fell to <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">30<\/a>, indicating growing bearish sentiment. The previous day, the index stood at 48 points.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-317.webp\" alt=\"4-317\" class=\"wp-image-239777\"\/><figcaption class=\"wp-element-caption\">Fear and Greed Index. Data: Alternative.<\/figcaption><\/figure>\n<p>In an interview with <a href=\"https:\/\/www.theblock.co\/post\/313357\/bitcoin-slips-under-60000-again-as-crypto-market-faces-broad-pressure\">The Block<\/a>, Rachel Lucas from BTC Markets stated that the current decline is a combination of factors.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The US Dollar Index is oversold on the daily chart, which could indicate a potential rebound, traditionally leading to downward pressure on risk assets like cryptocurrencies,&#8221;<\/em> she explained.<\/p>\n<\/blockquote>\n<p>The expert also noted the negative seasonality of digital gold in September. This effect arises from portfolio rebalancing and tax-loss harvesting, compounded by caution ahead of the US elections.<\/p>\n<p>Lucas did not rule out that Bitcoin could fall to ~$56,000 in the near term if the price remains below the 50 <span data-descr=\"day moving average \" class=\"old_tooltip\">DMA<\/span> ($61,991).<\/p>\n<p>Trader and analyst Rekt Capital pointed to a potential reversal in prices if the upper boundary of the descending channel is successfully retested. This would confirm the breakout, the expert added.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> <\/p>\n<p>Imagine if this is a post-breakout retest of the Downtrending Channel<\/p>\n<p>Successful retest of the top of the Channel would fully confirm the breakout and precede upside continuation<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/9N9QS5Wxp2\">https:\/\/t.co\/9N9QS5Wxp2<\/a> <a href=\"https:\/\/t.co\/UjDKcIRdkv\">pic.twitter.com\/UjDKcIRdkv<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1828561353122160698?ref_src=twsrc%5Etfw\">August 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analyst Jamie Coutts from Real Vision has predicted a &#8220;crazy season&#8221; for Bitcoin with a target of $150,000.<\/p>\n<p>Earlier, QCP Capital noted that the price of the leading cryptocurrency is likely to remain in a narrow range between $62,000 and $67,000 in the near term, as indicated by indecision in options.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the early hours of Wednesday, August 28, the price of the leading cryptocurrency fell below the psychological threshold of $60,000. The decline was exacerbated by the triggering of stop orders, as indicated by the increased trading volume. 15-minute BTC\/USDT chart on Binance. Data: TradingView. At the time of writing, Bitcoin is trading at $59,200, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1146],"class_list":["post-16453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-market-forecasts"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16453"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16452"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}