BTC Price Retraces, Dips Below $60,000 Support Level

IconCryptoNewsTerminal Staff22 Aug, 2024

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BTC Price Retraces, Dips Below $60,000 Support Level

BTC has retraced from its recent highs and is currently trading below the $60,000 support level. According to Cryptonewsterminal market monitoring, BTC is currently trading at $59,956.26 on Binance's USDT market. The retracement comes after a period of strong gains for BTC. The cryptocurrency had rallied from a low of $40,000 in late January to a high of $64,804.72 on April 14th. However, BTC has since struggled to hold above the $60,000 level and has now fallen back below it. The reasons for the retracement are not entirely clear, but some analysts believe that it may be due to profit-taking by investors who bought BTC at lower prices. Others believe that it may be due to the recent rise in interest rates by the U.S. Federal Reserve, which has made some investors more risk-averse. Despite the retracement, BTC remains well above its lows from earlier this year. The cryptocurrency is still up over 50% year-to-date and has a market capitalization of over $1 trillion.

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