Why have digital currency prices fallen and will Bitcoin fall to the $60,500 level?

I blinked Bitcoin and digital currency prices Following the arrest of the founders of Samourai Wallet by the US Department of Justice. This comes against a backdrop of re-escalation of tensions in the Middle East and the state of uncertainty that dominates the market after the “halving”.

Technically, Bitcoin price has rebounded from the upper boundary of the descending price channel and is now trading above the $63,000 support level. The next target will be the pivotal support level of $60,500.

US shuts down “Samurai Wallet” and arrests its founders

News of the arrest of Keonne Rodriguez, CEO of Samourai Wallet, and William Hill, CTO, for conspiracy to commit money laundering and operating an unlicensed money transmitting business, led to strong drop in prices of major cryptocurrencies.

As part of a coordinated international operation, authorities closedSamurai wallet Its founders were arrested, dealing a blow to decentralized finance applications that challenge government financial oversight.

The U.S. Department of Justice says Samurai facilitated money laundering worth more than $2 billion, including transactions on dark web marketplaces.

CEO Keonne Rodriguez and CTO William Lonergan Hill were both arrested and face charges of conspiracy to commit money laundering and operating an unlicensed money transfer service.

And she points Diary The investigation indicates that both founders were fully aware of the illegal use of Samurai Wallet.

The move is the latest in a growing campaign by U.S. authorities against apps that allow users to hide the sources and spending of their money, which criminal groups exploit to launder illicit profits.

The arrests of the Samourai Wallet founders have sparked criticism from the cryptocurrency community over concerns that it is another attempt by the US government to aggressively crack down on cryptocurrencies.

On the other hand, some believe that these arrests do not bode well for Bitcoin in general.

decreases Bitcoin Price By 4.6% a few hours after the Justice Department's announcement, to reach around $63,500. It's not just Bitcoin, but the entire digital currency market that is colored red.

Other factors contribute to decline

Comes low Digital Currency Market Also following escalating geopolitical tensions in the Middle East, Israel launched an airstrike on 40 Hezbollah-linked sites in southern Lebanon.

The cryptocurrency community was already expecting some short-term volatility following the “halving” event on April 20.

Analysts specializing in the field of digital currencies expect continued market volatility in the coming months.

A bearish price channel has formed on the Bitcoin price chart

In Previous analyzes We mentioned the start of a bearish price channel forming on the chart. For the price of Bitcoin BTC. Which will likely be an obstacle to rising and surpassing the $66,500-$67,000 level.

With the bearish wave, this technical pattern was formed, which remains in broader sideways trading.

It's mean Bitcoin PriceIn the medium term (weeks or months), the situation evolves sideways. This is evident from the daily chart, where Bitcoin prices range between $60,500 and $71,100.

But in the short term, it is currently the bearish bias that dominates.

BTC Price It is now trading at the $63,500 support zone. We will likely see it break and the price continue to fall towards $60,500.

Without positive news, it is very unlikely that we will see a strong upward movement under current market conditions. The pace of movement will most likely be slow.