Bitcoin, will it eventually break below $60,000? Jupiter and Pi Network see expanded declines

▲ Bitcoin Plunge ©Coinreaders

As Bitcoin (BTC) falls for three consecutive days and tests the $60,000 support level, rising geopolitical risks in the Middle East are rapidly chilling investor sentiment across the cryptocurrency market. In particular, Jupiter (JUP) and Pi Network (PI) recorded the largest declines among major altcoins.

According to the investment media outlet FXStreet on July 9 (local time), Bitcoin fell below $62,000 due to renewed tensions between the United States and Iran, extending its decline for three consecutive trading days this week. As US airstrikes against Iran continued, risk aversion sentiment strengthened, and the CoinMarketCap Fear & Greed Index dropped to 26, indicating a further deterioration in investor sentiment compared to Monday's 29.

Technically, Bitcoin shows a clear short-term bearish trend. On the daily chart, it failed to break above $65,000 and formed a lower high, trading below both the 50-day Exponential Moving Average (EMA) of $65,412 and the 200-day EMA of $75,821. The Moving Average Convergence Divergence (MACD) is increasing the likelihood of a bearish crossover with the signal line, and the Relative Strength Index (RSI) is at 44, remaining below the baseline, indicating that buying pressure is still weak. The outlet assessed that $60,000 is a key short-term support level, and the inflow of bargain-hunting buyers in this range is a crucial variable.

Among altcoins, Jupiter's weakness was prominent. Following a 10% drop the previous day, it continued its bearish trend, failing to overcome the Fibonacci retracement resistance around $0.2406, maintaining a downward trajectory. The 50-day EMA at $0.2070 and the Fibonacci 50% retracement level at $0.1998 were presented as key support levels. The outlet analyzed that if these levels are broken, a further decline to $0.1683, and then to $0.1444, could open up.

Pi Network continued its long-term bearish trend, approaching the psychological support level of $0.1000. The price is trading below both the 50-day EMA of $0.1311 and the 200-day EMA of $0.1901, and the MACD continued its downward trend. The Relative Strength Index (RSI) fell to 21, entering the oversold zone, but the outlet diagnosed that downward momentum still prevails. In the short term, if the S1 pivot at $0.1010 breaks, a further decline to the S2 pivot at $0.0867 is possible.

The outlet predicted that risk aversion in the cryptocurrency market is likely to continue as long as geopolitical tensions in the Middle East do not ease. Whether Bitcoin can defend the $60,000 support level is a key variable determining the market's direction, and major altcoins such as Jupiter and Pi Network are expected to be more exposed to downward pressure than technical rebounds for the time being.

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