Bitcoin Faces Potential Drop to $50K
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Despite Bitcoin holding above the $60,000 support level, several technical indicators suggest that the recent correction may not be over. Analysts point to declining on-chain metrics, waning institutional demand, and a pattern of lower highs on the daily chart as signs that a drop to $50,000 could be imminent. The 50-day moving average has also flattened, indicating a loss of short-term momentum. While some traders see the current price as a buying opportunity, the risk of further downside remains elevated until Bitcoin establishes a clear bottoming pattern.
Read full article on CoinTelegraph
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