Can Bitcoin Hold the Support at $60,000?

The Bitcoin price has been doing less well for a few weeks now and that is worrying investors. Is there still a bull market? And can Bitcoin maintain the important support at $60,000? This week we’ll likely get some of the answers to those important questions.

Lowest Bitcoin price in 6 weeks

After last night’s disappointing closing of the week, the Bitcoin price has fallen to $62,000. That is the lowest price level in 6 weeks for Bitcoin. In that respect, it is logical that the sentiment feels a bit sour at the moment.

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“Bitcoin looks weaker than I expected and could fall a bit more from here,” so writes Crypto Ed in his latest publication on Twitter. In doing so, Crypto Ed subconsciously indicates what sentiment currently exists around Bitcoin.

Altcoins are currently feeling the most pain from the misery surrounding the Bitcoin price. If Bitcoin continues to bleed like this, he expects altcoins to see another decline of around 20% from current price levels.

According to Daan Crypto Trades, we have arrived at a very important level for Bitcoin. “If there are any bulls left who want to make a higher low here, this is the place to do it,” the analyst said.

Crucial week for Bitcoin

It is not only a crucial week for Bitcoin for price technical reasons, important moments are also coming from a macroeconomic perspective. This week we will receive new unemployment figures from the United States, but also the latest estimates for economic growth in Q2 2024.

In addition, the most important inflation gauge for the US central bank is scheduled to be released on Friday. In that respect, it has been a well-filled macroeconomic week for Bitcoin.

Many investors will be focusing on this week’s GDP print as some concerns have arisen in recent weeks about possible stagflation. Stagflation is the economic term for rising unemployment, high inflation and economic contraction.

These three things together create a disastrous climate for investments. So let’s hope that economic growth is better this week, so that we don’t slide and the speculation about a recession in America becomes reality.

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