🚨The price drop of $BTC was influenced by several main factors: 📉
1. FOMC (The Federal Reserve) Meeting Results 📝
The United States Federal Reserve has not given a signal to lower the benchmark interest rate, which was previously expected by investors. This uncertainty creates concerns in the market, triggering selling pressure on risky assets such as Bitcoin.
2. Mt.Gox and FTX Fund Disbursement 📝
The planned disbursement of around 140,000 BTC by Mt.Gox and other assets from FTX increases the supply of Bitcoin in the market. This triggers further selling pressure as the market prepares for a large supply increase that has the potential to depress prices.
3. High Leverage and Market Pressure 📝
Data shows that the market is over-leveraged, especially in "long" positions, which makes it vulnerable to corrections. In addition, high funding rates in the Bitcoin futures market and selling pressure from miners have worsened the situation.
Despite the current unfavorable situation, some analysts are optimistic that a recovery may occur in the near future if there is support from institutional investors, especially through Bitcoin ETFs which are experiencing increasing interest.
It is advisable to continue to monitor market movements and be careful in making investment decisions amid high volatility.