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How Low Can Bitcoin Dip?

Bitcoin could dip to $50,000 amid the current correction.

• Main Points:

  • Current Decline: Down 1.5% intraday and 7.65% over the past week.

  • Support Levels: Key levels at $60,000 and the 200-day EMA at $58,000.

  • Bearish Scenario: Potential drop to $50,000.

  • Bullish Scenario: Possible rally to $88,000 if patterns hold.

• Detailed Insights:

  • Trend Analysis: Bitcoin is in a descending channel, testing $72,000 and moving toward $60,000.

  • Analyst Predictions: Teddy Cleps sees support at $61,000, Michael Novogratz expects the $55,000-$75,000 range, and Markus Thielen warns of a double-top pattern leading to $50,000.

  • Bull Flag Pattern: A breakout above the descending channel could push Bitcoin to $88,000.

Related: Michael Dell's Bitcoin Post Sparks Speculation

Bitcoin may see further declines to $50,000, but a potential rally to $88,000 remains possible if key patterns hold.

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$60K BTC Support: 5 Must-Knows This Week

Bitcoin's price tests the $60,000 support level as market volatility increases.

• Main Points:

  • Current Decline: Bitcoin hit six-week lows at $60,990.

    Key Support: Analysts watch $60,000 as a crucial level.

  • Economic Data: U.S. jobless claims, GDP, and PCE index could impact Bitcoin.

  • Whale Activity: Large investors are buying during the dip.

  • Sentiment: Market sentiment is at its lowest in 2024, suggesting a possible rebound.

• Detailed Insights:

  • Price Movement: Bitcoin dropped 1.25% since June 24, nearing $60,000 support. Historical patterns suggest a possible bottom around this level.

  • Economic Impact: This week, U.S. jobless claims, Q2 GDP, and PCE index data releases could influence Bitcoin's price.

  • Whale Accumulation: Large investors are buying Bitcoin despite the decline, indicating confidence in its long-term value.

  • Market Sentiment: The Crypto Fear and Greed Index is at its lowest in 2024, often a precursor to price rebounds.

Related: Bitcoin's Uptrend Remains Strong Amid Market Lull

Bitcoin's price is testing the $60,000 support level amid increased volatility and upcoming economic data releases. Whale accumulation and low sentiment indicate the potential for a rebound.

Binance Aids Btcturk, Freezes $5.3M Stolen Funds

Turkish crypto exchange Btcturk suffered a cyber attack, leading to unauthorized withdrawals. Binance is assisting in the investigation and has frozen over $5.3 million in stolen funds.

• Main Points:

  • Cyber Attack: Btcturk experienced a breach affecting hot wallets.

  • Binance Assistance: Binance is helping investigate and has frozen $5.3 million in stolen funds.

  • Security Measures: Btcturk halted and later reopened ERC20 deposits and withdrawals.

• Detailed Insights:

  • Attack Details: On June 22, 2024, Btcturk detected unauthorized withdrawals affecting hot wallets but ensured most assets in cold wallets remained secure.

  • Financial Strength: Btcturk assured that its financial strength exceeds the affected amounts, and user assets are safe.

  • Ongoing Investigation: Btcturk is collaborating with Binance and authorities to investigate the breach, with affected operations gradually restored.

  • Binance's Role: Binance CEO Richard Teng confirmed freezing $5.3 million in stolen funds and emphasized the ongoing efforts to protect the ecosystem from bad actors.

Related: Bitcoin's Struggle Against US Stock Market Predicted to Persist

Btcturk's swift action, aided by Binance, highlights the importance of collaboration in addressing cyber threats. With $5.3 million in stolen funds frozen and ongoing investigations, the exchange aims to restore full functionality and ensure user assets' safety.

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