From Nasdaq: 2024-07-05 11:33:26

Cryptocurrencies are experiencing a significant drop this week, with Bitcoin falling below $60,000 on concerns of new supply entering the market from the Mt. Gox exchange. Companies like MicroStrategy and Marathon Digital, holding substantial amounts of BTC, could trigger further selling pressure. The first support level for Bitcoin is around $51,000.

Investors are fleeing from crypto-focused stocks like MSTR, MARA, and COIN, causing deep declines. The key question now is where will this selling pressure end. BTC may see a plunge towards $46,000 if it breaks below the $51,000 support level. The TipRanks Technical Analysis tool is currently signaling Neutral for Bitcoin.

Before taking any positions in BTC, caution is advised as the market remains uncertain. The TipRanks Technical Analysis indicator is currently showing a Neutral signal for Bitcoin on a weekly timeframe. Investors should closely monitor the situation and be prepared for potential volatility.

Read more at Nasdaq: Crypto Roundup: Is There a Bottom in Sight for the Crypto Crash?