{"id":603847,"date":"2024-04-18T16:30:29","date_gmt":"2024-04-18T16:30:29","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=603847"},"modified":"2024-06-11T07:00:00","modified_gmt":"2024-06-11T07:00:00","slug":"bitcoin-price-fell-below-58000","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-price-fell-below-58000\/","title":{"rendered":"Here\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/parabolic-breakout-xrp-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Crypto analyst Crypto Rover<\/span><\/a><span style=\"font-weight: 400\"> has provided insights into what could happen if <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-rise-above-57000\/#:~:text=Bitcoin%20isn't%20showing%20signs,a%20bullish%20narrative%20for%20BTC.\" rel=\"nofollow\"><span style=\"font-weight: 400\">the Bitcoin price drops below $58,000<\/span><\/a><span style=\"font-weight: 400\">. The flagship crypto has continued to suffer price declines lately and risks dropping to that price level if it manages to break the <\/span><a href=\"https:\/\/bitcoinist.com\/10-bitcoin-supply-bought-above-60000-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crucial $60,000 support level<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>What A Drop Below $58,000 Would Mean For The Bitcoin Price<\/h2>\n<p><span style=\"font-weight: 400\">Rover mentioned in a <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=eHt9EcUAtaI\" rel=\"nofollow\"><span style=\"font-weight: 400\">video<\/span><\/a><span style=\"font-weight: 400\"> on his YouTube channel that Bitcoin <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">dropping below $58,000<\/span><\/a><span style=\"font-weight: 400\"> would mean a breakdown for the flagship crypto token. He, however, quickly added that there\u2019s still a lot of liquidity in the market, which he believes Bitcoin can take in and help drive its price <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">back above $60,000<\/span><\/a><span style=\"font-weight: 400\"> if the drop below $58,000 happens.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/analysis\/xrp\/xrp-price-3000-rally-to-22\/\">XRP Price Set For 3,000% Rally To $22, Analyst Predicts<\/a><\/div>\n<p><span style=\"font-weight: 400\">He sounded optimistic about Bitcoin&#8217;s quick recovery if it dropped below $58,000. He revealed that he would not close his positions but rather open millions of dollars long positions if the flagship crypto dropped between $57,000 and $60,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Crypto Rover revealed that Bitcoin is still in the middle of a \u201cgigantic and enormous <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-accumulation-strong-amidst-consolidation\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">consolidation phase<\/span><\/a><span style=\"font-weight: 400\">\u201d and that Bitcoin will have a \u201cmassive breakout\u201d when this consolidation period ends. For now, he highlighted that Bitcoin&#8217;s top side is still trending downwards while Bitcoin\u2019s low side is trending upwards.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, Crypto Rover claimed this is causing a \u201ccompression\u201d in <\/span><a href=\"https:\/\/www.ktsl888.com\/analysis\/btc\/bitcoin-price-at-break-moment-60k\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s price<\/span><\/a><span style=\"font-weight: 400\">. However, once this compression ends, Bitcoin will come out with a \u201cbanger,\u201d the analyst added. Crypto Rover then alluded to the funding rates, which are currently negative. He noted that historically speaking, negative or low funding rates are always a <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-whales-buying-spree\/\"><span style=\"font-weight: 400\">Bitcoin buying opportunity<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>The Big Gains Are Yet To Come For BTC<\/h2>\n<p><span style=\"font-weight: 400\">Crypto Rover also noted that the majority of Bitcoin\u2019s gains always come after the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin halving<\/span><\/a><span style=\"font-weight: 400\"> and not before. As such, despite the crypto token rising to a new all-time high (ATH) before the halving, the analyst asserted that \u201cwhat we have seen so far is nothing for what we are about to be getting.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/analysis\/xrp\/xrp-whales-on-the-move\/\">XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?<\/a><\/div>\n<p><span style=\"font-weight: 400\">He suggested that the halving event would be the catalyst for <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-100000-cardano-dead\/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.\"><span style=\"font-weight: 400\">Bitcoin\u2019s rise to $100,000<\/span><\/a><span style=\"font-weight: 400\">, mainly because it would create more scarcity. This would undoubtedly help increase Bitcoin\u2019s value, especially if <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-demands-exceeds-supply\/\"><span style=\"font-weight: 400\">its demand<\/span><\/a><span style=\"font-weight: 400\"> continues to skyrocket. However, such a price surge might not come immediately, considering that Bitcoin\u2019s price <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-halving-price-100000\/\"><span style=\"font-weight: 400\">tends to increase<\/span><\/a><span style=\"font-weight: 400\"> 6 to 12 months after the halving.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Hannah Phung, a lead analyst at on-chain analytics platform <\/span><a href=\"https:\/\/bitcoinist.com\/solana-meme-coin-trader\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">SpotOnChain<\/span><\/a><span style=\"font-weight: 400\">, also recently made that observation, although she admitted that things could be different this time around, as this market cycle looks to be more different and mature than past ones.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $60.900, down almost 5% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/1V4TKfOS\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price recovers above $62,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from PYMNTS, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto analyst Crypto Rover has provided insights into what could happen if the Bitcoin price drops below $58,000. The flagship crypto has continued to suffer price declines lately and risks dropping to that price level if it manages to break the crucial $60,000 support level.\u00a0 What A Drop Below $58,000 Would Mean For The Bitcoin Price Rover mentioned in a video on his YouTube channel that Bitcoin dropping below $58,000 would mean a breakdown for the flagship crypto token. He, however, quickly added that there\u2019s still a lot of liquidity in the market, which he believes Bitcoin can take in and help drive its price back above $60,000 if the drop below $58,000 happens.\u00a0 Related Reading: XRP Price Set For 3,000% Rally To $22, Analyst Predicts He sounded optimistic about Bitcoin&#8217;s quick recovery if it dropped below $58,000. He revealed that he would not close his positions but rather open millions of dollars long positions if the flagship crypto dropped between $57,000 and $60,000. Meanwhile, Crypto Rover revealed that Bitcoin is still in the middle of a \u201cgigantic and enormous consolidation phase\u201d and that Bitcoin will have a \u201cmassive breakout\u201d when this consolidation period ends. For now, he highlighted that Bitcoin&#8217;s top side is still trending downwards while Bitcoin\u2019s low side is trending upwards.\u00a0 Therefore, Crypto Rover claimed this is causing a \u201ccompression\u201d in Bitcoin\u2019s price. However, once this compression ends, Bitcoin will come out with a \u201cbanger,\u201d the analyst added. Crypto Rover then alluded to the funding rates, which are currently negative. He noted that historically speaking, negative or low funding rates are always a Bitcoin buying opportunity.\u00a0 The Big Gains Are Yet To Come For BTC Crypto Rover also noted that the majority of Bitcoin\u2019s gains always come after the Bitcoin halving and not before. As such, despite the crypto token rising to a new all-time high (ATH) before the halving, the analyst asserted that \u201cwhat we have seen so far is nothing for what we are about to be getting.\u201d Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? He suggested that the halving event would be the catalyst for Bitcoin\u2019s rise to $100,000, mainly because it would create more scarcity. This would undoubtedly help increase Bitcoin\u2019s value, especially if its demand continues to skyrocket. However, such a price surge might not come immediately, considering that Bitcoin\u2019s price tends to increase 6 to 12 months after the halving.\u00a0 Hannah Phung, a lead analyst at on-chain analytics platform SpotOnChain, also recently made that observation, although she admitted that things could be different this time around, as this market cycle looks to be more different and mature than past ones.\u00a0 At the time of writing, Bitcoin is trading at around $60.900, down almost 5% in the last 24 hours, according to data from CoinMarketCap. BTC price recovers above $62,000 | Source: BTCUSD on Tradingview.com Featured image from PYMNTS, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":603861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-603847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Here\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000<\/title>\n<meta name=\"description\" content=\"Crypto analyst Crypto Rover has provided insights into what could 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Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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