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Bitcoin’s recent price drop signals potential further declines as market sentiment remains cautiously optimistic, with analysts predicting a test of $116.8K.
Bitcoin fell 2.6% in 24 hours, trading at $119,000.
Market sentiment remains high despite the price wobble, with the Crypto Fear and Greed Index at 68.
Bitcoin’s price has dipped recently, but market sentiment remains strong. Discover the latest insights and predictions for the cryptocurrency.
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Price Level
Potential Impact
Liquidation Risk
$116.8K
Test of support level
$1.63 billion at risk
What is Bitcoin’s Current Price Trend?
Bitcoin is experiencing a downward trend after reaching highs of $122,150. Analysts suggest a potential test of $116.8K, which could impact long positions significantly.
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How Does Market Sentiment Affect Bitcoin Prices?
Despite recent price drops, Bitcoin’s market sentiment remains high. The Crypto Fear and Greed Index indicates a level of 68, suggesting that investors are still optimistic about potential gains.
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Frequently Asked Questions
What is the current price of Bitcoin?
As of the latest update, Bitcoin is trading at approximately $118,881.
Why is Bitcoin’s price fluctuating?
Bitcoin’s price is fluctuating due to market volatility and investor sentiment, with analysts predicting potential downward movements.
Key Takeaways
Price Decline: Bitcoin has recently fallen to $119,000, with potential further drops.
Market Sentiment: Despite fluctuations, sentiment remains high, as indicated by the Crypto Fear and Greed Index.
ETF Inflows: Spot Bitcoin ETFs have seen significant inflows, reflecting ongoing investor interest.
Conclusion
In summary, Bitcoin’s recent price movements highlight a cautious market, with potential for further declines. Investors remain optimistic, as indicated by strong ETF inflows and high sentiment levels. Monitoring these trends will be crucial in the coming weeks.
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Bitcoin swiftly reversed direction this week after soaring expectations for new highs gave way to weakening price movement below $120,000, signaling the possibility of further declines.
Bitcoin’s price chart indicates there could be further downside following a slight stumble on Monday with Bitcoin falling 2.6% over 24 hours, a crypto analyst says.
“Quite ugly daily candle,” MN Trading Capital founder Michael van de Poppe said in an X post on Monday, after Bitcoin (BTC) fell 2.60% from $122,200 to approximately $119,000 within the 24-hour timeframe.
Bitcoin’s price has dipped recently, but market sentiment remains strong. Discover the latest insights and predictions for the cryptocurrency.
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Bitcoin may be heading lower before it goes higher
Bitcoin has fallen slightly further since van de Poppe’s post, trading at $118,881 at the time of publication, according to Nansen.
Bitcoin is trading at $118,881 at the time of publication. Source: Nansen
“Wouldn’t be surprised if we’ll test $116.8K before continuing,” van de Poppe added.
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CoinGlass data shows that a further 1.75% move down to this level would put approximately $1.63 billion of Bitcoin long positions at risk of liquidation.
“It has taken all the liquidity on the highs and immediately inversed toward the range high resistance,” van de Poppe said.
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It comes after high optimism early Monday morning, when Bitcoin soared over 3.3% to $122,150, moving closer to its $123,100 all-time high it reached on July 15. Some traders were speculating it could soon reach new all-time highs.
Crypto trader Rekt Capital said at the time, “If Bitcoin is able to convincingly break ~$126,000, then chances are the price will go a lot higher and quickly.”
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It comes just a month after Rekt said Bitcoin may only have a few months of price expansion left in the cycle, especially if it follows the same historical pattern from 2020.
Bitcoin sentiment stays high amid price wobble
Bitcoin market sentiment remains high despite the slight dip in price.
The Crypto Fear and Greed Index fell two points to 68, still holding in “Greed,” despite crypto assets like XRP (XRP) and Solana (SOL) falling 3.94% and 5.90% respectively.
Meanwhile, spot Bitcoin exchange-traded funds (ETF) posted the fourth consecutive day of inflows on Monday of $178.1 million, according to Farside data.
Bitcoin could gain more upside in the near term if Ether (ETH) traders begin cashing out profits and rotating funds back into Bitcoin, according to Jan3 founder and Bitcoin maxi Samson Mow.
Mow predicts Ethereum investors will switch back to Bitcoin once ETH prices get high enough, potentially reversing a five-week surge in Ether.
However, not everyone agrees. On Thursday, Fundstrat co-founder Tom Lee said that Ether is having its “Bitcoin 2017 moment” and may reach as high as $16,000, representing an approximate 272% increase from its current price of $4,300.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
