Bitcoin breaks through $60K...more downside ahead, but $52K support needs to be confirmed first

Bitcoin (BTC), which has fallen below the $60,000 mark, may be headed for another decline. On Monday (local time), investment bank Standard Chartered predicted that BTC could fall to $50,000 to $52,000. The decline is expected to be driven by a combination of crypto-specific factors and macro influences. Standard Chartered noted that U.S. bitcoin spot exchange traded funds (ETFs) have seen outflows for five consecutive days, and bitcoin is currently trading below the average ETF purchase price of $58,000. Risk assets such as cryptocurrencies are also facing macro headwinds, it added. It points to a sharp deterioration in broader U.S. liquidity measures since mid-April.

Standard Chartered suggested buying bitcoin if it reaches the $50,000 to $52,000 range or if the U.S. Consumer Price Index (CPI), a measure of inflation, is “favorable.