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The bitcoin price has fallen to $62,000, its lowest since early May and down more than 10% from its recent high. Meanwhile, the price of other top ten coins ethereum, XRP and solana have dropped even more sharply—wiping $200 billion from the combined market over the last week.
Now, traders are turning to a "critical level" that if breached could send the bitcoin price far lower—even as the market braces for a massive political earthquake this week.
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Forbes'The Next Domino To Fall'-Tech Billionaire Primes Bitcoin For A Massive Price ShockBy Billy Bambrough
"The critical level to watch is $61,500," Markus Thielen, bitcoin and crypto price analyst with 10X Research wrote in a note to clients that asked if it's "time to panic?"
"If bitcoin trades below this level, prices might drop into the low $50,000s—if not lower. Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000."
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ForbesIMF Issues Serious U.S. Dollar Collapse Warning As The Fed Primes Bitcoin, Ethereum And XRP For A Crypto Price BoomBy Billy Bambrough
The bitcoin and crypto market has surged this year as traders bet on a Federal Reserve dovish flip as inflation measured by consumer price index (CPI) data falls back alongside a political sea change in Washington that could mean a far friendlier attitude toward crypto from U.S. regulators.
"Yes, the U.S. election and CPI should be bullish later this year, but we can still have a steeper correction," Thielen added.
The bitcoin price has also rocketed this year—boosting the price of ethereum, solana, XRP and the wider market—thanks to the long-awaited arrival of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street.