{"id":229534,"date":"2021-04-17T22:01:18","date_gmt":"2021-04-17T19:01:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-dips-under-60000-whats-pulling-down-btc-price\/"},"modified":"2021-04-17T22:01:18","modified_gmt":"2021-04-17T19:01:18","slug":"bitcoin-dips-under-60000-whats-pulling-down-btc-price","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-under-60000-whats-pulling-down-btc-price\/","title":{"rendered":"# Bitcoin dips under $60,000 \u2014 What&#8217;s pulling down BTC price?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2622fd57fab\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2622fd57fab\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-under-60000-whats-pulling-down-btc-price\/#An_expected_Bitcoin_sell-the-news_drop\" >An expected Bitcoin sell-the-news drop<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-under-60000-whats-pulling-down-btc-price\/#Traders_predict_what_would_likely_come_next\" >Traders predict what would likely come next<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin dips under $60,000 \u2014 What&#8217;s pulling down BTC price? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) declined below $60,000 on April 17 after a strong rally throughout the past week in anticipation of the Coinbase public listing on Nasdaq.<\/p>\n<p>However, after the COIN listing, which is the ticker of the Coinbase stock, the cryptocurrency market started to correct.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/10f55a68-8236-461e-a3fe-8ec841f3ef9f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day price chart (Binance). Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"An_expected_Bitcoin_sell-the-news_drop\"><\/span>An expected Bitcoin sell-the-news drop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Coinbase&#8217;s public listing brought significant attention to the cryptocurrency market. It marked the first public listing of a major cryptocurrency exchange, leading to high institutional demand.<\/p>\n<p>As a result, the cryptocurrency market rallied leading up to the listing with BTC price hitting new all-time highs above $64,00. However, it was almost expected to see Bitcoin and Ether (ETH) drop after the fact, considering the tendency of cryptocurrencies to sell off after a major event.<\/p>\n<p>Another major factor that contributed to the drop in price was the relatively high funding rates for longing Bitcoin. This, alongside strong technical resistance at $64,000-$65,000 were the likely reasons that BTC tested $60,000 support after the hype around Coinase&#8217;s listing began to fade.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/38c33994-d816-4d62-95a0-ad6e007aa0d0.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin funding rates. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>Meanwhile, the $60,000 level is an important price point for Bitcoin because it took roughly a month for BTC to break out above it.<\/p>\n<p>Hence, it is important for Bitcoin to hold the $60,000 area to maintain the bullish market structure heading into next week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Traders_predict_what_would_likely_come_next\"><\/span>Traders predict what would likely come next<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the same time, cryptocurrency traders are mixed regarding where Bitcoin will go with its new weekly candle.<\/p>\n<p>For instance, Cantering Clark, a popular cryptocurrency derivatives trader, said that the market isn&#8217;t necessarily bullish nor bearish, based on options data.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/1cafd274-07f0-4946-81ef-2c87a8e617f6.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The Bitcoin options market open interest is ranging. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>Instead, Clark noted that the options market trend shows that Bitcoin would likely see sideways actions, which would mean consolidation at around $60,000. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1383436898400563200\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;50k and 80k strikes highest contract\/notional for $BTC I think these writers will be h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y and I am still in the same opinion that the end of April &#8211; May begins the shift that makes Bitcoin a less favorable long. No breakout, just range and rotation.&#8221;<\/p><\/blockquote>\n<p>In the long term, traders are still optimistic about Bitcoin. A pseudonymous trader known as &#8220;Crypto Capo&#8221; noted that based on historical trends, Bitcoin has broken out of a range that goes back 1,000 days.<\/p>\n<p>The trader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1383445039204880396\">emphasized<\/a>:<\/p>\n<blockquote><p>&#8220;Now some $BTC technical analysis. Bitcoin has broken out of an accumulation range of over 1000 days. This usually results in long extensions. Currently, the increase over the previous ATH is only 200%.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dips-under-60-000-what-s-pulling-down-btc-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin dips under $60,000 \u2014 What&#8217;s pulling down BTC price? &#8221; The price of Bitcoin (BTC) declined below $60,000 on April 17 after a strong rally throughout the past week in anticipation of the Coinbase public listing on Nasdaq. However, after the COIN listing, which is the ticker of the Coinbase stock, the cryptocurrency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":229535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvNWYyOGRiMjEtZTRlZi00YzY5LTg1YjItMWRmZWY2OWM3NTMzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75150,73785],"class_list":["post-229534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/229534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=229534"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/229534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/229535"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=229534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=229534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=229534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}