Bitcoin Price Analysis: BTC Could Drop to $48,000 if it Fails to Reclaim $58,000 Resistance
CryptoNewsTerminal Staff09 Sep, 2024
Bitcoin Price Analysis: BTC Could Drop to $48,000 if it Fails to Reclaim $58,000 Resistance
NewsBTC's analysis suggests that Bitcoin (BTC) could face a potential drop to $48,000 if it fails to reclaim the crucial resistance level of $58,000. The analysis highlights the influence of macro indicators such as inflation concerns and US Federal Reserve (Fed) policies on the prevailing market sentiment. The uncertainty surrounding U.S. monetary policy and potential interest rate hikes has contributed to market volatility. If BTC manages to break above the $58,000 resistance, it could extend its uptrend. However, failure to break above this level could trigger a drop towards $48,000, representing a 10-15% decline from the current price. This potential correction aligns with previous market downturns.
