Bitcoin (BTC) crashes to $55k, now what is next? 

Currently Bitcoin (BTC) is experiencing a strong contest between buyers and sellers. Buyers are working to keep the price between $56,552 and $73,777, while sellers are pushing to lower it. On July 5, sellers managed to bring the price down to around $53,500, but buyers stepped in and purchased at these lower levels. Currently, Bitcoin is priced at $55,764.

The current trade price of Bitcoin is $55,958 & this price is 3.7% down over the last 24 hours. In the last couple of hours, the trade price faced a very high downfall.

It is worth it to note that Farside Investors reported that U.S Spot Bitcoin ETF products saw net inflows of $143.1 million on July 5, the highest in a month. Bitwise Asset Management CEO Hunter Horsley stated on X that investors without Bitcoin exposure have an opportunity to “buy the dip” because its future prospects “have never been stronger.”

Bitcoin’s recent drop has increased selling pressure on many altcoins, but some have maintained their strong support levels. These altcoins might drive the recovery if Bitcoin begins to rise toward $60,000. 

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The trade price of other top flagship crypto assets plunged drastically. ETH crashed 4%, BNB crashed 6.7%, Sol crashed 7.7%.

Market is crashing but not our intention pic.twitter.com/7cEwBfZThs

— Bitcoinik (@Bitcoinikdotcom) July 8, 2024

Experts believe the crash in the trade price of cryptocurrencies will continue until the government agencies will not stop selling their BTC holdings. 

NEW: #Bitcoin continues to flow out of German government wallets, even on weekends.

They did not buy back Bitcoin yesterday; instead, not all their sell orders were filled, so the unsold Bitcoin was returned to their account. pic.twitter.com/IXTKoZHnwb

— Bitcoin News (@BitcoinNewsCom) July 7, 2024

Despite this bearish sentiment, a popular crypto analyst said that when the Volatility Index shows high volatility, it indicates that the second phase of Bitcoin’s bull market is likely approaching soon.

#Bitcoin Bull market & High Volatility.

When Volatility Index enters high volatility territory, the second phase of #BTC bull market is not far from starting. pic.twitter.com/ApZuENN3Pj

— Titan of Crypto (@Washigorira) July 7, 2024

Read also: Shiba Inu Project Issues Warning: Beware of Telegram Group ‘ShibaSweepers’

Bitcoin (BTC) crashes to $55k, now what is next? 

 

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