{"id":29154,"date":"2022-06-07T08:54:35","date_gmt":"2022-06-07T12:54:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=29154"},"modified":"2022-06-07T08:54:44","modified_gmt":"2022-06-07T12:54:44","slug":"heres-why-bitcoin-btc-could-slump-further-to-24k-after-slipping-below-30k-levels","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/heres-why-bitcoin-btc-could-slump-further-to-24k-after-slipping-below-30k-levels\/","title":{"rendered":"Here’s Why Bitcoin (BTC) Could Slump Further To $24K After Slipping Below $30k Levels"},"content":{"rendered":"\n
Bitcoin (BTC)<\/a> has dropped significantly in the last 24 hours after failing to break beyond the $32,000 level after much anticipation for a rally.<\/h5>\n\n\n\n
\"Here's<\/figure>\n\n\n\n

BTC is down over 5% at $29,535 and has been stuck in a tight range for over a month. There also appear to be a few factors that favor price increases in the short run.<\/p>\n\n\n\n

Instead, technical indicators show that Bitcoin could fall below $24,000 in the next few weeks. The cryptocurrency is expected to see increased selling pressure ahead of significant U.S. inflation data due this week,<\/p>\n\n\n\n

Other factors, such as greater regulatory scrutiny of crypto, could result in more BTC losses.<\/p>\n\n\n\n

BTC predicted to follow its 2018 move<\/strong><\/h3>\n\n\n\n

BTC is trading in a bear flag structure, with the pattern set to play out in additional losses, according to prominent crypto analyst @SmartContracter.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

The analyst expects the token to drop below $24,000, which could be a good time to buy. They also pointed out that BTC's recent price activity is playing out very similar to that seen in 2018 when the token had traded in a narrow range for several months before plummeting by over 50% to as low as $3,000.<\/p>\n\n\n\n

Given that 2018 was the last time the Federal Reserve raised rates before 2022<\/a>, BTC is likely to behave similarly. As such, with more rate hikes on the way, BTC may see further capitulation.<\/p>\n\n\n\n

The release of inflation data will be a make-or-break for the markets<\/strong><\/h3>\n\n\n\n

The U.S May inflation data<\/a> which is due this Friday is expected to play a big role in defining the market sentiment in the coming weeks. Traders will be looking for any further price reductions in May after inflation slowed slightly in April.<\/p>\n\n\n\n

According to MarketWatch data, the broad estimate for May is 8.2% year-over-year growth, down from 8.3% in April.<\/p>\n\n\n\n

Any reading that is lower than the consensus will almost certainly result in a BTC surge. But the opposite may result in even more severe market declines.<\/p>\n\n\n\n

Anticipation of a major crypto bill, which is likely to be released this week could also define BTC price movement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has dropped significantly in the last 24 hours after failing to break beyond the $32,000 level after much anticipation for a rally. BTC is down over 5% at $29,535 and has been stuck in a tight range for over a month. There also appear to be a few factors that favor price increases […]<\/p>\n","protected":false},"author":32,"featured_media":29157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-29154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/btc-decline.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=29154"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/29157"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=29154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=29154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=29154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}