In Galaxy Digital, a drop in Bitcoin to $56,000 has been allowed.
๐ฅ Bitcoin may drop to $56,000โ58,000 amid a lack of growth drivers and ongoing selling pressure. This was stated by the head of research at Galaxy Digital, Alex Thorn.
โ๏ธ From January 28 to 31, BTC lost 15%, falling to $75,644. The movement was accompanied by long liquidations of more than $2 billionโone of the largest events of this kind in history. The price also fell below the average purchase price of spot ETFs in the USA ($84,000) and the cost of $BTC on the Strategy balance ($76,037).
๐ According to Thorn, there is a "gap" in the range of $70,000โ82,000, and the market may test its lower boundary. In the event of further declines, key support levels are located at:
๐ต $58,000 โ 200-week MA
๐ต $56,000 โ realized price of BTC
๐ข Historically, these levels have often coincided with the formation of market bottoms.
๐ต Additional pressure comes from outflows from ETFs ($2.8 billion over two weeks), a drop in spot volumes, and a reduction in the capitalization of stablecoins by approximately $10 billion.
๐บ Despite this, the correction is called "necessary" to reduce excessive leverage. Analysts warn that a consolidation below $74,000 may strengthen the bearish scenario.