Bitcoin and several altcoins fell around 7%-10% over the last 24 hours. Here are some factors:
1. Some macro data was released this week and scared investors. In particular, there is a decrease in the probability of a US interest rate cut this month, and rumors of a possible rate hike being considered
2. Over the last 24 hours, 115,804 traders liquidated a value of $387.91 million.
3. The US BTC spot ETF experienced an outflow of $161 million yesterday
4. Hong Kong Bitcoin and Ether ETFs failed to meet expectations
5. The RSI divergence indicator shows a bearish trend, as it did in the “overbought” area during the launch of the US BTC ETF
6. More BTC miners are approaching the closing level amid the price drop below $57,000
It is important to note that during the 2015-2017 bull market, there were more than 13 20% pullbacks. Price changes are quite normal and sometimes good for the market.
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