Bitcoin at Risk of Bear Market as Support Fails, Analyst Warns

IconCryptoNewsTerminal Staff01 Aug, 2024

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Bitcoin at Risk of Bear Market as Support Fails, Analyst Warns

According to an analysis by anonymous cryptocurrency trader DonAlt, Bitcoin (BTC) is facing the risk of a bear market if it fails to hold the crucial support level of $63,000. In a recent YouTube video, DonAlt explained that BTC's recent bullish momentum was sparked by a reclaim of $60,000, but its inability to break above the range resistance has raised concerns. Should BTC lose the $63,000 support, the next major support levels are seen at $52,000 and $42,000. This analysis highlights the importance of monitoring key support and resistance levels in determining Bitcoin's price trend and potential risks.