The post Why Bitcoin keeps dropping below $60K: Insights from holder losses show… appeared on BitcoinEthereumNews.com.

Over 8 million addresses are currently holding BTC below the current price level. BTC has remained below the $60,000 price level. Bitcoin [BTC] has experienced significant price volatility over the past few weeks, with its chart indicating a pattern where the price rises and approaches the $60,000 to $61,000 range, only to decline shortly afterward. Analysis suggests the primary factor behind this behavior is the substantial number of holders currently at a loss. Bitcoin keeps falling The recent analysis of Bitcoin’s price chart reveals a consistent volatility pattern around the $60,000 price range. On 27th August, Bitcoin fell from the $60,000 level, starting the day at approximately $62,840 and closing at around $59,433. Since then, Bitcoin has struggled to reclaim the $60,000 mark despite occasionally reaching that level during various trading sessions. Source: TradingView In subsequent sessions, the highest Bitcoin managed to reach was around $59,000, but it quickly declined from that range. At the end of the most recent trading session, Bitcoin closed at approximately $59,139 after a 3% increase. However, as of this writing, Bitcoin has again dropped below the $59,000 mark, reflecting the ongoing pattern seen over the past few weeks.  This repeated inability to maintain an uptrend at or above $60,000 suggests a significant resistance level at this price point. The primary reason Bitcoin has been unable to sustain this uptrend is the increased selling pressure whenever the price approaches or exceeds the $60,000 range. As Bitcoin’s price rises, many holders, especially those who bought at higher prices, may choose to sell to either break even or secure profits.  This selling activity generates downward pressure, preventing the price from holding steady above these key levels. Sellers keep more pressure on BTC A recent analysis of data from IntoTheBlock sheds light on why Bitcoin has been struggling…

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Filed under: News - @ September 3, 2024 11:18 am