From Investing.com: 2024-07-07 10:30:18

Renowned trader Peter Brandt warns of a bearish trend in the market, with Bitcoin experiencing a significant correction below the 200 exponential moving average. The recent drop below $58,000 sparked massive liquidations, signaling a potential downturn. Global uncertainty, legal issues, and lack of institutional inflows are adding to the pressure on Bitcoin’s price.

Brandt’s insight highlights the seriousness of the current correction in the cryptocurrency market, with Bitcoin struggling to maintain its uptrend. Factors such as legal hurdles, selling pressure from Mt. Gox, and diminished institutional investments are contributing to the decline. The market faces a crucial test as Bitcoin’s price may continue to weaken without strong support levels.

Read more at Investing.com: Legendary Trader Peter Brandt Highlights Major Bitcoin Problem By U.Today