Bitcoin Sliding, Bears Target $60,000 Despite Tether’s Huge Endorsement

Bitcoin is printing discouraging lower lows when writing, inching closer to the all-important support line at $66,000. That prices are falling has nothing to do with charts but more with the fundamentals. After days of anticipation, the United States Federal Reserve said they would slash rates only once this year. This wasn’t what the market was expecting, meaning the regime is still hawkish though the tone is shifting to be a more accommodative—at least going forward.

The contraction in Bitcoin prices means the market was mostly red. At spot rates, BTC was stable on the last day, extending losses to roughly 6% in the previous week of trading. Unless there is a recovery, it is likely that bears will press on, meaning the coin will drift even lower from all-time highs. Accompanying the sell-off was a decent average trading volume of over $26 billion.

The following Bitcoin news events are worth monitoring today:

• Tether, the issuer of the world’s largest stablecoin, USDT, thinks Bitcoin is the only decentralized cryptocurrency. Because of this feature, Tether CEO Paolo Ardoino believes it is unstoppable and cannot be changed.
• Even though the demand for spot Bitcoin ETFs in Hong Kong isn’t as high as those in the United States, it has so far secured over $1.9 billion worth of BTC. The number could rise if investors from mainland China are permitted to get exposure.

Bitcoin Price Analysis

BTC/USD is slipping at press time.

Down roughly 10% from all-time highs. Sellers can consider shorts on every attempt higher, ideally below the $70,000 and $72,000 resistance zone.

On the other hand, conservative traders can look to enter shorts.

It is especially if there is a strong breakout below $66,000, ideally at the back of rising volume.

If that’s the case, Bitcoin would likely fall to $60,000, even retesting May 2024 lows of $56,500.