Bitcoin price suddenly dropped below $53,000 days after the Coinbase public listing, but sill optimistic about BTC in the long term
Bitcoin price has dipped below $ 60,000, namely a drop of more than $ 9,000 to $ 53,000 after a strong rally throughout the past week before Coinbase went public on the Nasdaq. Currently, the whole market is falling sharply, there are altcoins down more than 20% – 30% in the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price fell more than 12% on the day, many altcoins plunged
After the listing of COIN, the token of Coinbase shares, the crypto market began to adjust. Coinbase’s public listing has drawn considerable attention to the crypto market. It marks the first public listing of a major cryptocurrency exchange, resulting in high institutional demand.
As a result, the bullish cryptocurrency market led to a listing with BTC price hitting new all-time highs above $ 64,000. However, it is almost expected to see Bitcoin and Ether decline, considering the trend of the cryptocurrency’s sell-off after a major event.
Another major factor contributing to the price drop is the relatively high funding rate for Bitcoin’s desire. This, coupled with strong technical resistance at $ 64,000 – $ 65,000 are likely reasons BTC tested the $ 60,000 support level after the hype surrounding Coinase’s listing began to fade.
Meanwhile, the $ 60,000 level is a key price for Bitcoin as it takes about a month for BTC to break above that level. Hence, Bitcoin needs to hold the $ 60,000 zone to maintain the bullish market structure next week. But it looks like nowhere has been a success as BTC has plummeted below $ 53,000.
Traders predict what might happen next
At the same time, cryptocurrency traders are mixed about where Bitcoin is going with its new weekly candle. However, the market does not have to either go up or down, based on options data. Instead, options market trends suggest that Bitcoin will likely witness sideways movements, meaning consolidation at around $ 60,000.
In the long term, we can still be optimistic about Bitcoin. Bitcoin has broken out of its 1000-day accumulation range. This often results in long extensions. Currently, the increase compared to the previous ATH is only 200%.
You can see the BTC price here.
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