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Bitcoin Breaks 200-Day Trendline After 10 Months

Bitcoin's price dropped below $58,000, breaking its 200-day moving average for the first time in 10 months. This decline is attributed to ongoing selling pressure and weak market sentiment.

• Main Points:

  • Price Drop Below $58,000: Bitcoin fell more than 2% on July 4, hitting new local lows of $57,885.

  • 200-Day Moving Average: BTC/USD crossed its 200-day moving average for the first time since October 2023.

  • Spot Market Selling: Continuous selling from spot markets has driven the recent price trend.

  • Liquidation Risk: Significant long liquidations are expected if prices drop further towards $50,000.

  • Market Pressure: $24 billion in net sell flows have influenced the market throughout 2024.

• Detailed Insights:

  • Price Drop Below $58,000: On July 4, Bitcoin's price dropped to $57,885, breaking key support levels. This marked a more than 2% decline from the previous daily close, reflecting ongoing bearish sentiment in the market.

  • 200-Day Moving Average: Bitcoin crossed its 200-day moving average (MA) of $58,400 for the first time in 10 months. This technical indicator, often seen as a critical support level, has not been breached since October 2023.

  • Spot Market Selling: Analysis by popular trader Skew pointed to continuous spot market selling as the main driver of the current downtrend. To reverse this trend, Skew suggests that market demand needs to show clear signs of recovery.

  • Liquidation Risk: Data from DecenTrader highlighted a significant amount of long liquidations around $51,000 to $52,000. If Bitcoin's price continues to fall, these positions could be at risk, potentially accelerating the downward movement.

  • Market Pressure: Charles Edwards of Capriole Investments noted that significant sell-side pressure has been a major factor throughout 2024. Onchain data from Glassnode indicates net sell flows equivalent to $24 billion, driven by entities such as ETFs, which have been unable to absorb the selling pressure.

Related: Bitcoin Drops Recent Gains, Experts Warn $60K is 'Lucky'

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'Rich Dad Poor Dad' Author Warns of Market Crash, Sees Bitcoin Surge

Best-selling author Robert Kiyosaki warns of an impending market crash, followed by a significant bull run for gold, silver, and Bitcoin. He predicts that Bitcoin could reach $10 million per coin.

• Main Points:

  • Impending Market Crash: Kiyosaki predicts a historic crash in real estate, stocks, bonds, gold, silver, and Bitcoin.

  • Subsequent Bull Run: A bull market cycle is expected to begin in late 2025, benefiting investors in gold, silver, and Bitcoin.

  • Future Price Predictions: Kiyosaki forecasts gold at $15,000 per ounce, silver at $110 per ounce, and Bitcoin at $10 million per coin.

  • Investment Strategy: He advocates for patience and investment in gold, silver, and Bitcoin as a hedge against fiat currency devaluation.

• Detailed Insights:

  • Impending Market Crash: On Wednesday, Robert Kiyosaki, author of "Rich Dad Poor Dad," took to X to warn about an imminent market crash. He predicts a significant downturn affecting real estate, stocks, bonds, and major assets like gold, silver, and Bitcoin.

  • Subsequent Bull Run: Despite the forecasted crash, Kiyosaki believes a long-term bull market will start in late 2025. He suggests that investors in gold, silver, and Bitcoin will benefit significantly from this cycle, rewarding their patience during the downturn.

  • Future Price Predictions: Kiyosaki shared potential future prices for key assets: gold at $15,000 per ounce, silver at $110 per ounce, and Bitcoin at $10 million per coin. He attributes these optimistic forecasts to declining confidence in fiat currencies.

  • Investment Strategy: Consistently critical of fiat currency devaluation, Kiyosaki emphasizes that market crashes present unique opportunities for wealth accumulation. He has long advocated for investments in gold, silver, and Bitcoin, viewing them as safeguards against economic instability.

Related: 'Rich Dad Poor Dad' Author Calls Bitcoin a Fast Track Investment

Bitcoin Dip: Buy Now or Wait?

As Bitcoin prices dip and crucial support levels are lost, analysts suggest patience in making new BTC purchases. Whale activity and ETF outflows add complexity to the market situation.

• Main Points:

  • Market Dip: Bitcoin price falls below key support, leading to long liquidations.

  • Whale Activity: Significant BTC deposits to Binance observed.

  • ETF Outflows: Spot Bitcoin ETFs show net outflows, indicating market weakness.

  • Investor Strategy: Analysts advise waiting for market sentiment to stabilize before buying.

• Detailed Insights:

  • Market Dip: Bitcoin's price has dropped by 5% in the last 24 hours, falling below $59,000. The next support level is at $57,000. This decline has led to significant long liquidations.

  • Whale Activity: A major Bitcoin whale deposited 1,800 BTC ($106 million) to Binance recently, contributing to market volatility. Over the past week, this whale transferred a total of 5,281 BTC ($323 million) to Binance at an average price of $61,196.

  • ETF Outflows: On July 3, spot Bitcoin ETFs experienced net outflows of $20.5 million. Grayscale GBTC had $27 million in outflows, while Fidelity’s FBTC saw $6.5 million in inflows.

  • Investor Strategy: Santiment reports that the crypto community views the current market dip as a potential buying opportunity but advises waiting for the initial market enthusiasm to settle. The ideal purchase time would be when traders become skeptical and impatient.

  • Additional Insight: The recent whale activity and ETF outflows indicate a complex market situation, suggesting caution for potential investors.

Related: Bitcoin Price to Double This Year

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results