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Main Reason for BTC Crash – Read Carefully

BTC crashed below $50,000 after the Bank of Japan announced an interest rate hike from 0% to 0.25%. This decision had a direct impact on the US stock market, as traders who were borrowing Japanese Yen at low interest rates to invest in US assets were affected. This shift has led to a correction in risk assets, including BTC.

Bitcoin's price is repeating a "lower high" trend from Q2 2024. On Monday, July 29, Bitcoin reached its third lower high (LH3) of the year, briefly touching $70,000. Each time this pattern has appeared in 2024, it has signaled a strong bearish reversal, with BTC currently down -30.16% since LH3.

Earlier lower highs in April and June 2024 resulted in significant corrections of -23.43% and -26.06%, respectively. The support level for BTC in this pattern is $48K.
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