Analyst: Bitcoin at Key Technical Indicator Level, Could Fall Another 30%

Odaily Planet Daily News Miller Tabak strategist Matt Maley and 22V Research technical strategist John Roque believe that Bitcoin is at a key technical indicator level.

Matt Maley stated that if Bitcoin falls further from its current level of around $60,000, it could aggravate negative sentiment among investors. While Wall Street firms continue to invest in digital assets, retail investors, who were the main force driving cryptocurrency prices higher, have shifted their focus to high-growth AI and tech stocks. Recent significant outflows from Bitcoin ETFs indicate waning investor enthusiasm. Cryptocurrencies are also showing signs of decoupling from the stock market.

John Roque stated that Bitcoin is retesting its first downside target of $60,000. If it breaks below this level, it would imply a drop to $40,000. Matt Maley added that Congress might pass a crypto structure bill with clearer rules, which would reduce uncertainty in the long term and encourage institutional participation. Additionally, Bitcoin ETFs experienced their largest single-month outflow since 2024. (CNBC)