The post Crypto Price Analysis 7-8 BTC, ETH, SOL, DOT, ADA, TRX, XRP appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) continued to drop over the weekend despite a sharp bounce on Saturday, which saw the cryptocurrency climb back above $58,000. However, selling pressure pushed the price back down, with BTC trading around the $55,600 mark.  The sudden drop in the price of BTC can be attributed to a couple of major factors that have led to panic selling, although Saturday’s rebound indicates strong demand at lower levels.  A Market In Panic  Bitcoin (BTC) has dropped to levels not seen since February, as the crypto market slumped across the board. This indicates panic selling among investors, although some, like Blocktream founder Adam Beck, have urged investors not to panic and to buy the dip, stating that the market drop is part of a typical bull market pattern. He said in a post on X,  “Reminder, zoom out. Prior bull runs had half a dozen -30% draw downs too. We’re at about -26% (-27% earlier). In fact, if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern. Don’t panic, buy the dip. or buy a bit of $CMSTR with BTC.” The prevailing market panic could have been triggered by the liquidation of the German government’s Bitcoin holdings. This, coupled with the expectations that a large number of Mt. Gox creditors will be looking to monetize their repayments, has spooked the market. Financial analysts believe that many of Mt. Gox’s former creditors will likely sell their BTC holdings. Data from Coinglass shows that almost $116 million worth of BTC has been liquidated over the past 24 hours. If the selling continues, we could see BTC slip even lower than current levels.  Bitcoin (BTC) Price Analysis  The Bitcoin (BTC) price has continued its slump, hitting a low not seen since February 2024, as sellers drive…

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Filed under: News - @ July 9, 2024 9:26 pm