Price Movement: Bitcoin is currently down by 2.87%, trading at around $66,0001. Despite this dip, BTC has seen significant gains over the past year, up by 135%$BTC
Investment Inflows: Bitcoin investment products have seen over $1 billion in inflows recently, as BTC broke through the $65,000 resistance.
$BTC
Market Sentiment: Analysts are optimistic about Bitcoin’s performance in the upcoming months, with some predicting further gains as we move into October
$BTC
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Analysis of the crypto market and discuss the potential scenarios for Bitcoin $BTC


Weekly Chart (BTCUSDT):

Bitcoin has broken below the range it maintained for the past 16 weeks.
The critical zone to watch is between $45,000 and $51,900.$
If BTC continues to stay below $60,000 on a weekly closing basis, further downside is likely.
A drop to the mentioned zone could present a buying opportunity for patient investors.
However, if BTC manages to reclaim $60,000 and holds above it, bears might need to reconsider their bias.

Daily Chart (BTCUSDT):

Despite short-term bounces, the daily chart shows BTC trading below key daily support.
The overall bearish sentiment on higher timeframes suggests caution.
Until we see a convincing move back above the broken range, I remain bearish.
My trading strategy aligns with the weekly consolidation breakdown.

Remember, markets can surprise us, so staying adaptable and monitoring price action is crucial. Feel free to share your thoughts, and let’s keep the discussion going! 😊

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The recent downturn in Bitcoin’s price can be attributed to a combination of factors:
Long Liquidations: A significant number of long positions were liquidated in the futures market, leading to a sharp 8% drop in Bitcoin’s price from $72,000 to $66,5001.
Macroeconomic Pressures: The macroeconomic environment, including higher-than-expected US Producer Price Index (PPI) data and rising bond yields, has increased expectations for the Federal Reserve’s interest rate policies, adding pressure on Bitcoin’s value2.
Negative Coinbase Premium and ETF Dynamics: A negative Coinbase Premium and a decrease in inflows to the spot Bitcoin ETF indicate a bearish sentiment from US markets, contributing to the price decline3.
Currently, the Bitcoin price stands at 67,738.00 USD4. Market analysts suggest that while the price may experience further short-term volatility, there is potential for a rebound in the near future123. It’s important to note that cryptocurrency markets are highly volatile and can change rapidly. For the most up-to-date information, it’s recommended to follow reliable financial news sources and market analyses.

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