Bitcoin May Dip Below $55K With the Collapse of $52K Support, Analyst Says
CryptoNewsTerminal Staff06 Sep, 2024
Bitcoin May Dip Below $55K With the Collapse of $52K Support, Analyst Says
Bitcoin (BTC) lost its footing in the $58,000-$60,000 range on Monday, leading to speculation that a deeper pullback could be on the cards. Cointelegraph reported that on-chain analyst and CryptoQuant contributor AxelAdlerJr has warned that if BTC loses the $55,000 support, there is a high probability for more downside. He added that the next Short-Term Holder Realized Price (STH-RP) is at $52.1k. If this $52k support fails, the next major one would be $49k, which would imply that BTC's bearish momentum is accelerating.
