Bitcoin $57,013.95The price closed below a key support level at around $57,000 on Thursday, raising the possibility of further declines in the near-term. Altcoin The market is also moving in a downward trend with the decline in the largest cryptocurrency.
Latest Situation in Bitcoin and Altcoin Market
Bitcoin is down over 4% this week and is trading at around $56,786 at press time. Market sentiment remains bearish as investors remain cautious and avoid fresh purchases until the current correction stabilizes. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Altcoin marketreflecting the bearish trend in the largest cryptocurrency and suggesting that downward pressure will continue in the medium term. Reflecting the fear prevailing in the market, Bitcoin’s Fear and Greed Index However, it has fallen to 22 percent today, signaling extreme fear and potential capitulation.
Whales, which usually influence Bitcoin’s market direction, showed that demand for cryptocurrencies decreased last week after August closed with a decline. This decline in interest was reflected in the US, which experienced seven consecutive days of cash outflows. Spot Bitcoin ETFThis is evident in the performance of the ETFs. On Thursday, these ETFs reported net outflows of about $211 million, mostly from Fidelity’s FBTC. The world’s largest asset management firm alone BlackRock‘s ETF IBIT has managed to avoid outflows in recent days.
In addition, on-chain data shows that some whales have been BTCThe total BTC supply on centralized cryptocurrency exchanges, on the other hand, has continued to decline over the past five months, suggesting that long-term investors are unaffected by the current volatility in the market.
Experts Warn That Decline Could Deepen
Experienced analyst Peter BrandtBitcoin’s price has traditionally been seen as a sign of a major upward move megaphone formation The analyst added that the downtrend currently outweighs the uptrend. Brandt also predicts that Bitcoin could retest support levels around $46,000, despite the potential for a rate cut in the coming weeks.
Co-founder of BitMEX Arthur Hayes He also expressed similar concerns, predicting that the price of the largest cryptocurrency could drop below $50,000 before rising to new highs.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
