#BTC #ETH #BONK #NewsBTC #NewSignal 👁️‍🗨️Understanding the Market Downturn

In the last 24 hours, Bitcoin (BTC) experienced a notable 6% decline, reaching a local minimum of approximately $41,500, while Ethereum (ETH) saw a 2% decrease. Several alternative cryptocurrencies (alts) also recorded losses exceeding 3% during this period.

⤵️Factors Influencing the Decline:E

TF Hype Subsidence: The abrupt decline in BTC prices can be attributed to the waning enthusiasm surrounding Exchange-Traded Funds (ETFs), prompting investors to capitalize on their profits.

♒liquidation of Long Positions: The downturn was further exacerbated by the liquidation of Long positions, totaling a significant $271 million.

Influx of BTC to Exchanges: A notable surge of BTC onto exchanges was observed after January 10, a phenomenon typically associated with price depreciation.

🪬BTC's Resilience:

Despite these challenges, BTC is actively seeking support above the $43,000 mark, indicating a potential safeguarding of its long-term growth prospects. Numerous positive catalysts are anticipated throughout 2024, contributing to the resilience of Bitcoin in the face of short-term market fluctuations.