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Bitcoin breaks below $57k amid low liquidity as U.S. traders celebrate Independence Day

By Ernest Hoffman

Published:

Jul 04, 2024 - 3:22 PM

Updated:

Jul 04, 2024 - 3:30 PM

Kitco News
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Bitcoin breaks below $57k amid low liquidity as U.S. traders celebrate Independence Day teaser image

(Kitco News) – After spending the early part of the week oscillating around the $60,000 level, Bitcoin broke definitively through support at around 9:00 p.m. EDT Wednesday evening, and King Crypto has continued to trend lower as traders in the United States celebrate the July 4th holiday.

The top crypto has pierced the $57,000 level several times on Thursday, falling as low as $56,750 shortly after 9:30 a.m. EDT.

Bitcoin has since posted a mild recovery, last trading at $57,391.93 at the time of writing for a loss of 4.50% on the 24-hour chart.

Opportunity or apocalypse?

Traders and analysts were looking for the next firm level of support for BTC on Thursday, while others were attempting to diagnose the short-term drivers for its decline.

“German government dumping #Bitcoin,” wrote analyst Crypto Tony in a post on X, and shared the evidence in a chart.

“May hit my lower targets after all,” he added. “I remain in my short, but adding to my long term position at levels already shared yesterday and this morning.”

MN Trading founder and CEO Michaël van de Poppe said he believes Bitcoin has further to fall, and altcoins are in full capitulation mode.

#Bitcoin going for the liquidity grab beneath the low of May 1st. #Altcoin depression / capitulation happening. pic.twitter.com/zXXSnxMRNu
— Michaël van de Poppe (@CryptoMichNL) July 4, 2024

MartyParty, host of Crypto Traders Club, was advising hodlers to keep hodling and not give in to panic as he was seeing key support in the market.

Liquidation Levels - 10:25am July 4th

Long calls are holding. Steady lads. Typical pullback making many CT narritives, they are CT narritives, ignore them. Stick to the data.

Price makes narritive, not the other way around. pic.twitter.com/K4SJIGjkgT
— MartyParty (@martypartymusic) July 4, 2024

In a subsequent post, he shared a chart comparing the performance of Bitcoin and gold, including their respective liquidation levels.

And crypto trader Doctor Profit posted that he sees these lower levels as a great buying opportunity.

Hour of truth

Reached the predicted area

You know what to do now... https://t.co/cBPIcgXRqi pic.twitter.com/j5hGwRMelx
— Doctor Profit ?? (@DrProfitCrypto) July 4, 2024

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

cryptocurrencies

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bitcoin

Bitcoin breaks below $57k amid low liquidity as U.S. traders celebrate Independence Day

By Ernest Hoffman

Kitco News
The Leading News Source in Precious Metals

Ernest Hoffman

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cryptocurrencies

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bitcoin

Bitcoin breaks below $57k amid low liquidity as U.S. traders celebrate Independence Day

By Ernest Hoffman

Kitco NewsThe Leading News Source in Precious Metals

Ernest Hoffman

Tags:

Share

Kitco News
The Leading News Source in Precious Metals