Bitcoin Price Drop: How Low Can It Go?
The Bitcoin price recently fell below $100,000, marking its first dip in six weeks. Analysts predict further declines, possibly to $74,000. This drop represents a 12% deviation from its all-time high on June 23. Geopolitical tensions, including US airstrikes on Iran’s nuclear sites, fueled this marketwide drawdown.
Key Factors Behind Bitcoin’s Decline
- Geopolitical uncertainties impacting market sentiment
- Significant liquidations in the derivatives market
- Technical indicators suggesting a bearish trend
Technical Analysis and Future Outlook
Technical analysis by AlphaBTC points to a rounded top pattern. A break below $93,000 could confirm a downtrend with targets near $74,730. The RSI’s drop from 64 to 41 signals growing downward momentum.
Market Reactions and Liquidation Events
The 24-hour crypto market liquidations hit $672 million, with Bitcoin accounting for over $238 million in long positions. Buyers emerged at lower levels, indicating mixed investor sentiment.
