According to an analytics company, Bitcoin’s first major test is today! If it fails, it could fall to this level!

Bitcoin (BTC) recently fell below $60,000 for the first time since February. Having recovered from that level, BTC seems to have found support above $60,000.

While analysts agree that $60,000 is a turning point for BTC, analytics firm Matrixport said Bitcoin is facing triple pressure, primarily due to CPI data.

According to Matrixport’s analysis, Bitcoin’s first major test will be the US Consumer Price Index (CPI) data to be released today. BTC is currently consolidating around $60,000 ahead of the CPI release.

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The firm noted that Bitcoin is currently grappling with three macroeconomic adversities simultaneously: the first and biggest test being inflation data and concerns, declining investor confidence in AI-themed assets, and geopolitical uncertainty stemming from the renewed conflict with Iran.

Bitcoin Could Drop to $50,000 Levels!

Besides Matrixport, analyst Killa also stated in his assessment that $60,000 is a very important level for BTC.

According to the analyst, if Bitcoin falls below $60,000, it could retreat to the $54,000 CME gap.

Analyst X stated on their platform that if BTC holds above its quarterly low of $60,037, it could rise to $68,185.

However, a break below this level could see the price fall to the CME gap of $54,111.

The analyst noted that if further declines occur, the next major support level could be $49,302, the low recorded in July 2024.

No Capital Shift to Bitcoin and Ethereum Expected!

Ansem, a cryptocurrency analyst with 933,000 followers on the X platform, issued a warning regarding BTC. The analyst stated that he does not expect a shift of funds from technology stocks to BTC and cautioned against risk aversion.

Analysts expect investors to reduce their exposure to high-risk assets like stocks and cryptocurrencies, shifting towards cash or safer investments.

A number of factors supported investors’ sentiment, including upcoming US CPI data, the first FOMC meeting under Kevin Warsh, and seasonal summer trends that typically favor downward pressure.

Finally, the analyst stated that he does not expect a capital shift from US technology stocks to Bitcoin or Ethereum, and that Strategy’s technical outlook is also bearish.

*This is not investment advice.

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