Bitcoin price falls once again giving way for FUD to grow.
One analyst shares top three reasons behind this latest dip.
Another shows faith in Bitcoin’s steady recovery in the days ahead.
The price of Bitcoin takes another dip hitting $92,000 and contributing to growing FUD. According to the Crypto Fear & Greed Index, market sentiment has fallen to a sore of 69 yet maintaining its ‘greed’ sentiment. Presently, the price of BTC has reclaimed the $94,000 price range hinting at a steady recovery once again.
Reasons Behind the Recent BTC Price Dip
https://twitter.com/Ashcryptoreal/status/1876998831746711739
As for why the price of Bitcoin dropped so dramatically for the second day in a row, one analyst shares his insights. As we can see from the post above, this popular analyst shares his top 3 reasons behind the fall of BTC price which in turn contributed to an echoing dip for the entire crypto market.
Firstly, the analyst talks about better job data. He says that yesterday marked the US job opening data coming through. It revealed that the job openings hit 8,096 million which exceeded the consensus of 7.605 million. This good economics would mean fewer rate cuts leading to bearish results for risk-on assets like crypto.
Secondly, the analyst draws attention to growing new pandemic fear. A new virus, HMPV is slowly spreading beyond its source of origin. With more global cases increasing, investors are reminded of the 2020 pandemic and giving into panic selling. Lastly, the analyst mentions rising oil prices to be another cause for the BTC price dip.
Bitcoin Expected to Recover Steadily
https://twitter.com/DrProfitCrypto/status/1877055701614285073
Meanwhile, other seasoned analysts remained calm and saw the dip as a golden opportunity to accumulate. As we can see from the post above, one silver-tongued analyst shares his latest long orders placed just at the bottom of the latest dip. He also shares his other open long orders showcasing his faith in Bitcoin’s recovery.
The post Here are the Top 3 Reasons Behind the Continued Market Dip, Why is Bitcoin Price Dumping? appeared first on Cryptonewsland.
