Bitcoin Dips Below $60K as Market Sentiment Weakens Amid Global Uncertainty
Market Overview: In the last 24 to 72 hours, Bitcoin (BTC) has faced significant downward pressure, with its price slipping below the $60,000 mark. As of the latest data, Bitcoin is trading around $59,404, reflecting a 5.47% decrease from the previous day. The broader crypto market has also experienced a notable decline, with over $300 million in long positions liquidated during this period​ ( Coinspeaker , EconoTimes ).
US and International News: The US market has been closely monitoring comments from Federal Reserve Chair Jerome Powell, who hinted at potential interest rate cuts in the near future. While such a move is generally seen as bullish for risk assets like Bitcoin, the immediate market reaction has been muted, with traders adopting a cautious approach. Meanwhile, international markets are also displaying signs of caution, particularly in Europe, where economic uncertainties continue to mount​ ( Cointelegraph ).
Technical Analysis: Bitcoin's recent decline has brought it to a critical support level near $59,000. Historically, September has been a challenging month for Bitcoin, with the majority of past Septembers seeing negative returns. Should Bitcoin fail to hold this support, analysts are eyeing a potential drop to the $55,000 level​ ( CoinSwitch ).
On-chain data suggests that long-term holders remain resilient, with over $10 billion in Bitcoin held by these investors despite recent price declines. However, the pace of new inflows has slowed considerably, indicating a cautious market sentiment. Additionally, the equilibrium in investor profitability has been restored, suggesting that the exuberance seen earlier in the year has cooled off​ ( EconoTimes , Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-dips-below-60k-as-market-sentiment-weakens-amid-global-uncertainty
Market Overview: In the last 24 to 72 hours, Bitcoin (BTC) has faced significant downward pressure, with its price slipping below the $60,000 mark. As of the latest data, Bitcoin is trading around $59,404, reflecting a 5.47% decrease from the previous day. The broader crypto market has also experienced a notable decline, with over $300 million in long positions liquidated during this period​ ( Coinspeaker , EconoTimes ).
US and International News: The US market has been closely monitoring comments from Federal Reserve Chair Jerome Powell, who hinted at potential interest rate cuts in the near future. While such a move is generally seen as bullish for risk assets like Bitcoin, the immediate market reaction has been muted, with traders adopting a cautious approach. Meanwhile, international markets are also displaying signs of caution, particularly in Europe, where economic uncertainties continue to mount​ ( Cointelegraph ).
Technical Analysis: Bitcoin's recent decline has brought it to a critical support level near $59,000. Historically, September has been a challenging month for Bitcoin, with the majority of past Septembers seeing negative returns. Should Bitcoin fail to hold this support, analysts are eyeing a potential drop to the $55,000 level​ ( CoinSwitch ).
On-chain data suggests that long-term holders remain resilient, with over $10 billion in Bitcoin held by these investors despite recent price declines. However, the pace of new inflows has slowed considerably, indicating a cautious market sentiment. Additionally, the equilibrium in investor profitability has been restored, suggesting that the exuberance seen earlier in the year has cooled off​ ( EconoTimes , Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-dips-below-60k-as-market-sentiment-weakens-amid-global-uncertainty
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