đš Why Is Bitcoin Price Down Today? â
#Bitcoin is feeling the heat! After an explosive September, the crypto market is taking a nosedive as Israel-Iran tensions escalate dramatically. Currently, Bitcoin is down 3.16% at around $61,715, while altcoins, led by Ethereum, are facing severe sell-offs of 5-10%! đ„đ
đ Selling Pressure Intensifies
Despite historically strong Octobers, Bitcoin's bulls are struggling to keep prices above $65,000. The situation worsened on Tuesday when Iran launched 200 ballistic missiles at Israel, triggering a wave of panic selling across the market. đ±
đź Historical Trends vs. Current Reality
While October has historically seen 20% gains for Bitcoin, the first two days are painting a different picture with a 4% decline. Sean McNulty from Arbelos Markets describes this as a âmomentary setback,â insisting that the seasonal trend remains intact.
đ High Alert for Further Volatility
With Israeli Prime Minister Netanyahu pledging retaliation, the market is on edge. Adding to the turmoil, Bitcoin ETF outflows skyrocketed to $242 million, breaking an eight-day streak of inflows. Some analysts suggest that a new all-time high for Bitcoin might be a distant dream, potentially not coming until mid-November.
đĄ Economic Indicators
Weakness in the US PMI data hints at a contracting economy, placing further selling pressure on Bitcoin. Analyst Benjamin Cowen notes that following past Fed rate cuts, Bitcoin typically rallies for only two weeks before experiencing a significant correction. If history repeats, we could see Bitcoin prices plummet to the $50,000 level by mid-November!
Whatâs your take? Are we witnessing a temporary dip or the start of a deeper correction for Bitcoin? đ Letâs discuss where the market is headed! đ
