Bitcoin’s quiet $59,000-$60,000 range is starting to look dangerous
Bitcoin is struggling within a $59,000-$60,000 range, with technical indicators suggesting a bearish trend. Concerns are mounting as major corporate holders consider selling assets to manage financial pressures.
Why it matters
The potential liquidation of large Bitcoin holdings could trigger significant volatility in the broader cryptocurrency market.
The range itself is normal. Bitcoin spent much of 2024, from March to October, consolidating between $55,000 and $70,000 with occasional overshoots in both directions. What makes the current setup riskier is its location, said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.
The article uses market analysis and on-chain data to provide an objective assessment of current market risks.
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