The post BTC has declined over the past 7 days by 7.99%. appeared on BitcoinEthereumNews.com.

Bitcoin has declined by over 7% over the last 7 days. Analysts believe a significant correction could be due if BTC drops below $56k Bitcoin [BTC], the world’s largest cryptocurrency by market capitalization, has seen considerable depreciation over the past week. In fact, at the time of writing, BTC was down by over 7% to trade at a value of $59,129 on the charts. August, in general, has been fairly volatile for the cryptocurrency. For instance, BTC dropped to as low as $49,500 on the charts earlier in the month, before recovering soon after. In fact, it later hit a local high of over $65k too, before losing its gains again to drop below $60k. That’s the reason why many are still uncertain about the scale of the next wave of corrections. According to Cryptoquant analyst Julio Moreno, however, Bitcoin may register a strong decline if the price declines below $56k. What does the market sentiment say? In his analysis, Moreno cited the market cycle indicator suggesting that $56k is the most crucial support level. According to the analysts, if the price falls below this level, the crypto will seen significant weakness. Since the Bitcoin market cycle indicator has turned bearish again, the crypto risks further correction below the demand zone. The analyst shared the analysis on X, noting that, “#Bitcoin market cycle indicator is again in BEAR phase (light blue area). From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase.” Source: Cryptoquant Based on this analysis, the Bear phase is well positioned to persist if the bulls don’t reclaim the market. What do BTC’s charts say? While these metrics highlighted by Moreno provide possible future price movements, it’s essential to see what other market indicators suggest. Source: Cryptoquant For starters,…

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Filed under: News - @ September 1, 2024 3:02 am