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It's Big & Big Key Factors Behind Market Dump
Key Factors Behind Today's Crypto Market Drop
Why Is Crypto Bearish Today? Key Insights
On Thursday 08 August 2024 the crypto market opens at 1.906 trillion and close at a market cap of 2.116 Trillion a total surge of 11.05% in the market cap.
After the 11% surge on Thursday today's market took a dip of 1.78% according to Tradingview data showcasing a minor profit booking. Moreover, there was one more reason behind today's bearishness Bitcoin took a rejection from the 200-Day SMA curve.
Bitcoin's Battle: Navigating Volatility and Eyeing $70KBitcoin (BTC) has experienced significant volatility recently, marked by a substantial sell-off followed by a notable rebound, indicating a possible trend reversal.On Thursday 08 August 2024 BTC opened at the price of $55,132 and reached at a high of $62,729 a spike of 11.90%.
However, after a robust momentum, it took a dip of 1.90% today on 09 August 2024 showcasing profit booking. Furthermore, the BTC price taking a rejection from 200 SMA showcasing bearishness.
The past month's chart shows a clear downtrend, with Bitcoin breaking below key support levels and testing the crucial $55,000 mark. The recent bounce suggests a potential shift in momentum.
At the time of writing BTC was trading at $60,412 with a 2.00% intraday drawdown. Currently, it has a market cap of 1.19 Trillion with a 24-hour trading volume of 43.87 Billion. Bitcoin is navigating a broadening descending wedge pattern, which it has been in since early this year.
BTC recently tested the lower trend line and is now attempting to reclaim the $60,000 level.Reaching $70,000 will require sustained bullish momentum from investors.
While BTC could potentially hit this target by the end of the month, resistance around the $60,000 and $65,000 levels may pose challenges. Any short-term selling pressure could further delay this recovery.
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