Key Points
- Bitcoin fell below $60,000 on July 4th, causing a significant impact on altcoins.
- Expert technical analysis suggests a bearish outlook for Bitcoin, with potential for a further price drop.
Bitcoin experienced a significant drop on July 4th, falling below the crucial $60,000 mark.
This breakdown had a considerable impact on altcoins, with many experiencing notable price drops.
The Cause of Bitcoin’s Fall
A potential reason for this drop could be due to an update from Bloomberg ETF expert, James Seyffart.
Seyffart suggested that the United States Securities and Exchange Commission (SEC) may not approve a spot Ethereum ETF by the predicted launch dates.
He expressed low confidence in the predicted launch dates, stating that the SEC is taking their time with the decision.
Impact on Altcoins
Following the drop in Bitcoin’s value, altcoins such as Ethereum, Solan, BNB, XRP, and Dogecoin also experienced significant price drops.
Within 24 hours, these altcoins experienced price drops ranging from 4.8% to 10%, according to CoinMarketCap data.
This drop in Bitcoin’s value has created a sense of fear in the market, with Bitcoin’s open interest dropping by 3.5%.
Bitcoin’s Price Performance Analysis
Expert technical analysis suggests a bearish outlook for Bitcoin.
If Bitcoin gives a daily candle closing below the 200 EMA and $57,700 level, we could see a further price drop of 8% to $53,000.
If this occurs, nearly $1 billion worth of long positions could liquidate, according to Coinglass data.
