Should Bitcoin fail to maintain the $60,000 level, it risks a decline to $52,000 before resuming its upward trajectory, according to CryptoQuant.
Experts noted that a pessimistic outcome is not inevitable, thanks to the dominance of ETF purchases. Institutional clients could absorb the excess supply resulting from liquidations triggered by a breach of $60,000.
Analysts observed that, unlike the previous halving, participants in the crypto derivatives market are exhibiting greater caution. This is reflected in relatively low open interest and moderate funding rates.
On-chain analysis suggests a strong likelihood of maintaining the price above the support level.
According to CryptoQuant’s calculations, the daily inflow of coins to hodlers’ addresses has reached a new all-time high of 27,700 BTC. The previous record of 25,100 BTC was set on March 22, 2024.
Analysts categorized wallets with the following characteristics:
- no outgoing transactions;
- balance exceeding 10 BTC;
- addresses of CEX and miners excluded from the sample;
- coins received in at least two transactions;
- the “age” of the last transaction is no more than seven years.
The critical nature of the zone around $60,000 was also highlighted by the analyst known as Ali.
$61,000 is a very important level for $BTC! If it breaks, it will trigger a correction to $56,200.
But if #Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for… pic.twitter.com/KOg4HuZOJ2
— Ali (@ali_charts) April 18, 2024
“$61,000 is a very important level! If it breaks, a correction to $56,200 will occur. If Bitcoin rebounds, we will see a rise to $66,500. The first sign will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for impact!” warned the specialist.
According to the analyst’s calculations, a drop to $50,500 will lead to forced closure of Bitcoin positions on Binance alone amounting to $15.1 billion.
#Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone! pic.twitter.com/9wQTVwprgx
— Ali (@ali_charts) April 17, 2024
Earlier in April, the volume of liquidations in the crypto derivatives market reached nearly $2.1 billion.
Previously, analyst and CMCC Crest co-founder Willy Woo warned of a bearish phase forming if the leading cryptocurrency’s rate falls below $58,900.
Coinify CEO Rikke Staer suggested that Bitcoin’s price dynamics post-halving will follow the “buy the rumor, sell the fact” principle.