Bitcoin's breakdown through the $60K technical level could lead to a move lower to the $50K-$52K range, driven by both crypto-specific factors and macro influences, according to Standard Chartered.
BTC is trading below the average ETF purchase price of around $58K, potentially leading to risks of liquidation for positions under water, with five consecutive days of outflows from U.S. spot bitcoin ETFs.
Cryptocurrencies like Bitcoin are being impacted by rising macro headwinds and falling liquidity, as broader liquidity measures in the U.S have deteriorated sharply since mid-April, influencing the recommendation to buy bitcoin within the $50K-$52K range.
The bank advised considering buying bitcoin within the $50K-$52K range or based on the U.S. CPI results on the 15th, depending on inflation rates, amidst the current market dynamics.
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