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Bitcoin Analyst Warns of Further Price Decline Amid Market Volatility

Published 06/25/2024, 08:40 PM
Updated 06/25/2024, 09:15 PM
© Reuters.  Bitcoin Analyst Warns of Further Price Decline Amid Market Volatility
BTC/USD
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  • Bitcoin price crashes 7.4% to $58K amid leverage flushing and miner selling.
  • Analyst Willy Woo highlights that Bitcoin is nearing a potential reversal on daily candles.
  • Yet, he warns of further crash to $54K as leveraged positions abound.

Bitcoin analyst Willy Woo, known for his long-term market outlook, has broken his usual silence on short-term predictions to address the recent 7.4% crash in Bitcoin’s price, attributing it to a combination of leverage flushing and miner capitulation.

In the most recent X post (formerly Twitter), the analyst offered an in-depth analysis of the current volatile state of the Bitcoin market, notably the attributed drop from its intraday high of $63,292 to retest the low of $58,601.

The analyst explained that the market is experiencing a process of leverage flushing, with billions of dollars in long positions being liquidated. …

The post Bitcoin Analyst Warns of Further Price Decline Amid Market Volatility appeared first on Coin Edition.

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