Bitcoin Price Drop Below $64,000: What Caused It and Will It Drop Below $60,000?

Bittime - Bitcoin slipped again into the bearish zone , dropping below the $64,000 level amid increasing selling pressure in the crypto market. 

A number of factors have contributed to the fall, including the latest Federal Open Market Committee (FOMC) meeting which added to the downward pressure.

Bitcoin Returns to Bearish Zone, Investors Are Wary

Bitcoin price is on a significant decline, breaking the $64,000 level and even surpassing the $63,000 support level, sparking concern among crypto investors. However, experts reassure that the current price action is part of a familiar pattern, and there is no need to panic. They predict that the real Bitcoin surge is still to come.

Historically, Bitcoin prices tend to spike leading up to halving events, peaking about 4 to 5 weeks before the halving itself. After these spikes, there is usually a period of consolidation, where altcoins often see increased activity.

Check Today's Crypto Market:

Bearish Signals and Downtrend

However, some bearish signals have recently emerged, most notably the On-Balance Volume ( OBV ) breakdown of its rising support line. OBV is a technical indicator that predicts price movements based on volume flow. 

The downward OBV trend indicates a potential distribution phase for Bitcoin, signaling negative volume flows and the possibility of further declines.

One of the factors driving the decline in Bitcoin prices, including price chart analysis (technical analysis), may show a sell signal or bearish pattern which can encourage selling action by investors.

BTC Price Today

Source: Bittime 

Based on the Bittime market today, March 20 2024, the price of BTC was observed to have decreased by 5.37 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 991,506,656 .

Also Read How to Buy Crypto:

Influence of External Factors

External factors, such as the FOMC decision on interest rates, have also put pressure on Bitcoin prices. With the US general election coming up in September, it is unlikely the government will implement a rate cut, adding to market uncertainty.

Bitcoin Spot ETF Fund Drop

The leverage of spot exchange-traded funds (ETFs) appears to be starting to decline, as demonstrated by a significant decline in net inflows to Grayscale and a surge in outflows, exceeding $640 million in recent days.

Several Factors to Consider

• Fed Decision: The US Federal Reserve's upcoming monetary policy decision could impact investors' appetite for risk assets like Bitcoin. A stricter stance from the Fed could lead to a decline in prices.
• Institutional Adoption: Increased adoption of Bitcoin by institutional investors could provide support to the price and prevent a drop below $60,000.
• News and Events: Future crypto-related news and events can significantly impact the price of Bitcoin.

Conclusions and Prospects

These factors have collectively contributed to Bitcoin's continued sell-off, with experts warning that the bottom of the current downward trend may still not be visible. While markets grapple with these challenges, investors remain alert for signs of stabilization and potential opportunities amid high volatility.

Check Crypto Prices Today:

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also read:

Buy Bitcoin Before or After the Halving? Here's the Guide!

Mining Bitcoin vs Validating Bitcoin Transactions

What is Bitcoin Halving and How Does It Affect Bitcoin?

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.