As Bitcoin plunges to the $62,000 mark, the market focuses on how far it will fall.
Cryptocurrency analysis firm 10x Research issued a report on the 19th predicting that the first resistance line will be $59,000.
The company analyzed that despite the record influx of funds into the Bitcoin spot exchange-traded fund (ETF) last week, the inflow has significantly decreased this week, causing Bitcoin to plummet.
They predicted that Bitcoin could fall to the $59,000 line if the ETF inflow continues to decrease.
Previously, the digital asset analysis company Swissblock issued a report on the 15th, predicting that Bitcoin could be adjusted down to the $58,000 line.
Swissblock pointed out in the report that “every asset has a cooling period” and “Bitcoin is no exception.”
The company analyzed that since January, Bitcoin has been rallying without rest, and it’s about time for a cooling period.
On the same day, around 9:30 a.m., Bitcoin fell to $61,536, breaking even at $62,000.