Bitcoin Falls Below $60,000 – Market Correction Not Over

Bitcoin (BTC), like most of the cryptocurrency market, saw a price correction today.

Amid fears of a sell-off by users of the failed crypto exchange Mt. Gox, who soon start receiving their benefits, the panic in the market is palpable. The German government’s wallet, which holds over $2.6 billion in crypto, appears to have begun to transfer its tokens, adding to the bearish outlook.

Bitcoin it briefly fell below $60,000, but at the time of writing it recovered to the price of $60,350 with a 4.2% drop in the last 24 hours and a trading volume of $25.7 billion. BTC’s market cap now stands at $1.18 trillion.

TradingView’s 14-day technical analysis shows an extremely pessimistic picture – the summary points to “sell” with 12 signals, the moving averages show “strong sell” with 2 signals and the oscillators with XNUMX signals.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.