Collapse or just a correction 🔴
The current price of Bitcoin is around $93,538, down 1.31% in the past 24 hours.
Reasons for the decline in the price of Bitcoin:
1. Liquidation of long positions: The market witnessed a significant increase in the liquidation of long positions in Bitcoin, as $85.4 million worth of these positions were liquidated, which increased selling pressure on the price.
2. Outflows from investment funds: Data indicates that a series of continuous outflows for seven consecutive days may be the main factor behind the recent decline in the price of Bitcoin, which has lost about 25% of its value since its peak in March.
3. Market volatility and economic news: Financial markets are experiencing a state of continuous instability, which is reflected in the prices of cryptocurrencies.
4. Large Government Transfers: Bitcoin’s price decline last week was triggered by the German government transferring $172 million worth of Bitcoin to cryptocurrency exchanges.
It is worth noting that the cryptocurrency market is highly volatile, and prices are affected by multiple factors, including global news, regulatory decisions, and the movements of major investors. $BTC