Bitcoin on the brink: $76K or $51K – Where will BTC head next?

market position is at a critical juncture as it currently traded at $61,394 at press time. After dipping to $60,000, the cryptocurrency has seen a slight increase of over 1% in the past 24 hours.

These movements have drawn significant attention from analysts and traders alike, who are keenly observing Bitcoin’s ability to sustain its current level. However, failure to maintain this crucial support level might see the cryptocurrency’s price retract to $51,970.This reduction in activity suggests that traders are significantly reducing their transactional engagements, a trend observed particularly after Bitcoin’s all-time high.While decreased on-chain activity might not directly predict a downturn, Santiment interprets this as an indication of increasing “fear and indecision” among market participants.

The 4-hour time frame further supports this view, as the current bullish candle might be a temporary move to take out liquidity at higher levels before continuing the downward trajectory., which cited data from CryptoQuant, there has been a noticeable increase in Bitcoin’s net deposit on exchanges compared to the seven-day average.

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