📉 Bitcoin Faces 8% Loss in a Week, Approaching BTC Halving Event in 110 Days! 📉💔

Bitcoin market participants find themselves in a state of indecision as BTC trades sideways below $43,000 on Thursday, January 18, recording an 8% decline over the past week. Altcoin season officially kicked off on January 14, causing Bitcoin dominance to shrink to 47.5%.

As Bitcoin hovers below its two-year high of $48,989, all eyes are on the approaching BTC halving event, just 110 days away. Experts consider this event a potential catalyst for Bitcoin's price movements. The halving, scheduled for April 2024, will reduce the mining reward to 3.125 BTC per block, impacting miners' incentives and shaping the future of the cryptocurrency landscape.

📈 Altcoin Season Takes the Spotlight: Bitcoin Dominance at 47.5%!

Altcoin Season Index, tracking the performance of the top 50 cryptocurrencies compared to Bitcoin, reads 78 as of January 18. This signals the official commencement of the Altcoin Season since January 14. As Bitcoin faces challenges, alternative cryptocurrencies are gaining traction, evident in the decrease of Bitcoin dominance to 47.5%.

💡 Technical Analysis: Bitcoin Struggles Below $43,000 Level! 📊

Bitcoin's price action disappoints traders as it trades below the $43,000 level, experiencing an 8% loss in the past week. The current price of $42,809 places it below the 50% Fibonacci Retracement, acting as a crucial resistance point at $43,074. Key resistance zones, represented as R1 and R2, lie in the range of $43,589 to $45,613.

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