Bitcoin Price Drops Below $60K After A 5% Plunge As Experts Say This Solana GameFi Token Might Explode
The Bitcoin price dropped 5% in the last 24 hours to trade at $59,427 as of 00:49 a.m. EST on trading volume that rose 46% to $41.6 billion. The plunge has resulted in the liquidation of Long traders, recording $287.03 million, as the BTC market registered a total of $322.03 million, according to data from Coinglass. Bitcoin Price Could Still Rally The Bitcoin price has been on a downtrend in the last two days, as BTC went back to trading within a sideways pattern. According to data from GeckoTerminal, BTC price bulls are currently struggling to push the price of Bitcoin above the $66,000 resistance zone. BTC now trades below both the 50-day and 200-day SMA, affirming the current price downtrend. Moreover, the Relative Strength Index (RSI) is trading below the 30-oversold level, which shows that BTC is currently under intense selling pressure and undervalued. The asset being undervalued opens up positions for the bulls to buy more. In this scenario, the price of Bitcoin may reb...