The post 3 Altcoins That Can Bleed After Bitcoin Falls Below $60K appeared on BitcoinEthereumNews.com.

The total market capitalization of cryptocurrencies is $2.36 Trillion, 2.6% less than the value recorded a day ago. Meanwhile, Bitcoin’s (BTC) efforts to bounce back have been characterized by mixed signals that have alarmed investors. Trading guru Alan Santana, who refers to Bitcoin as an SD-Wave or an SSD-Wave, also expects Bitcoin to decline significantly. Decreased Demand Signals BTC Price Fall An SD-Wave could mean that prices would be cut by as much as 20-30%, while an SSD-Wave could mean that prices would be cut by 50%. Recent chart data have indicated a probability of an SSD-Wave, which has restricted a cautious approach to investors. The BTC/USD chart shows that the trading volume gradually decreased over the past four months, which signals a decrease in buyers’ interest. Source: Alan Santana /TradingView This weakens the demand at the current price level (press time), which may imply more falls in the future. The current negative overall perception and decreasing trading volume can cause the current levels of support to be broken, leading to further depreciation. The price action is still bearish, as the downward trendline is still intact, and the price cannot overcome it. Bitcoin’s Price Support Level Crucial at $57,500 The preceding primary support level was around $57,500 in March 2024, which has served as support in the past and can potentially arrest a significant drop. But breaking this level would indicate a worse situation. The projected level based on altcoin correlations is around $40,000; thus, Bitcoin may follow the trend. Such a drop to this level would signal a severe market decline that may lead to more declines in the cryptocurrency market. The $35,000 support level of January 2024 is an essential historical level that may be tested in case of an SSD-Wave. Going below this level would indicate a…

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Filed under: News - @ July 4, 2024 10:22 pm