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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Sellers Out Of Ammo? BTC Price Hangs By A Thread At $28,500

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 8:11 am
2 mins read
Bitcoin Price BTC BTCUSDT

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The price of Bitcoin is finally on the move after weeks of being stuck in a tight trading range. The number one cryptocurrency by market cap stands at support with the potential for another re-test of the lows if bulls cannot push it higher.

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As of this writing, Bitcoin trades at $28,500 with a 2% loss in the past 24 hours. Over the previous week, the cryptocurrency recorded a 3% loss, while other assets in the top 10 underperformed and trended lower. The nascent industry could be a short-term crossroads.

Bitcoin price BTC BTCUSDT
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Price Loses $29,000 Level, But A Recovery Is Likely?

As NewsBTC has been reporting, Bitcoin’s volatility reached a multi-year low after all major narratives previously influencing it diminished its strength. Now, the spike in volatility favored the downside, but how much pressure can the bears exercise?

According to a CryptoQuant analyst, the recent price action marks one of the highest in recent months. As seen in the chart below, the last time that Bitcoin saw similar selling pressure was in late July. The analyst stated:

This marks the strongest surge in selling since July 15th. It wouldn’t be surprising to witness the pinnacle of selling pressure at this very moment.

Bitcoin price BTC BTCUSDT Chart 2
BTC price selling pressure at similar levels that in late July 2023. Source: @JA_Maartun on X

As seen in the chart above, the price of Bitcoin bounced back from support each time that sellers pushed into the current levels, as measured by the Net Taker Volume. However, sellers could still push the metric into the July 15th levels and induce a capitulation event.

There is some evidence to support the above. The chart below shows that BTC’s long positions have fueled the downside price action by providing liquidity and accelerating the fall.

Bitcoin price BTC BTCUSDT Chart 3
BTC record high liquidity below its current levels, the potential for more downside? Source: TheKing_Fisher

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If this continues, Bitcoin could continue trending downwards into the liquidity pool created by long positions at $27,000 and $24,700 if bulls give it. On the latter, crypto analytics firm Material Indicators noted:

Bitcoin price and liquidity continuing to erode and a critical test of support is eminent. IMO… Losing $29k would be purely psychological. Losing $28.5k would be technical. Holding $28.3k is critical. Losing the buy wall at $27.9k would cause a cascade.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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