Bitcoin experienced a 5% drop in price, Could Reach a lower price level in the future
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A sudden move to its downside resulted in a 5% loss in the daily chart. As of press time, the first crypto by market cap seems to be recovering as it moves back to the mid-zone of its current levels.
Bitcoin’s price is currently $65,442. In the short term it has found support at these levels, but in the long term it could drop even further if it drops below $63,000.
BTC has been ascending sharply recently, with a lot of the resistance from its latest decline disappearing. The overall market capitalization of Bitcoin is now greater than it’s ever been, and data from Material Indicators still shows some demand for the currency at these On the upside, resistance to the moves in Bitcoin price has fallen and it appears likely that Bitcoin will, at least attempt to move towards its next all-time high of $70,000.
These are still much higher levels than Bitcoin saw in May 2021, when it crashed from its previous all-time high at the time to the yearly open, near $29,000.
Bitcoin’s flash crash resulted in some leverage positions being wiped out. As seen below, the leverage ratio across exchanges took a dive after seeing an explosion in mid-October.
Why $100K per Bitcoin might not be a realistic goal.
However, this story is shifting: Puell has observed a drop in the premium for Bitcoin futures and a rise in the price of Bitcoin. This shows that investors may be hedging against Bitcoin, and that could indicate that Bitcoin will fall.
Bitcoin’s price remains consistent as it enters another consolidation phase. There are other factors that could bring volatility into the market, such as the activation of Taproot, Bitcoin’s upgrade, which should be activated during the week or at some
A new report shows that markets are primed for gains in Q4, 2021. At the same time, the macroeconomic outlook has become more complex. Yesterday, Bitcoin appeared to have reacted to a potential default from the Chinese real estate company Evergrande
While it looks like #Evergrande didn’t default as initially reported, these rumours have been affecting financial markets (S&P 500 shown here) and #Bitcoin negatively. Bitcoin’s price is now down by roughly 4% to around $64.5k pic.twitter.com/NEIK9QP1wB
— Jan Wuestenfeld (@JanWues) November 10, 2021
Originally posted 2022-09-07 19:41:07.