Bitcoin Could Drop To $52,000 If Price Breaks Below This Mark – CryptoQuant

Amidst the ongoing fluctuations in the cryptocurrency market, the price of Bitcoin has surged by 1.7% in the past 24 hours, hovering above the $62,000 mark.

However, recent warnings from CryptoQuant, a leading crypto analytics platform, suggest that Bitcoin could face a significant downturn to $52,000 if specific key levels are violated.

This cautionary note comes amidst growing uncertainty in the Bitcoin derivatives market, with derivative traders showing unprecedented caution compared to previous halving cycles.

Bitcoin Risky Level

CryptoQuant’s analysis highlights declining open interest and funding rates in the Bitcoin derivatives market, indicating a “cautious” stance among traders, particularly with the arrival of several institutional participants. CryptoQuant analyst Shiven Moodley noted:

At this halving, derivative traders exhibit far more caution than in previous instances. This season witnesses the entry of numerous new institutional players into the market.

According to the analyst, If Bitcoin’s price falls below the critical $60,000 support level, the top cryptocurrency could experience a notable correction to $52,000, signaling a potential short-term bearish trend.

Derivative Uncertainty

“If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise.” – By @ShivenMoodley

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