Explanatory message on the reasons for Bitcoin's decline today
Dear followers,
Bitcoin today, November 24, 2024, witnessed a significant drop in price, affected by a set of economic and technical factors. Here are the main reasons for this decline:
1. Sudden liquidation of positions:
During Asian trading hours, large trading positions worth more than $ 70 million were liquidated due to weak liquidity, leading to significant selling pressure and sharp volatility.
2. Global economic factors:
Concerns about raising interest rates globally and increasing bond yields prompted investors to avoid high-risk assets such as cryptocurrencies.
3. Increased supply in the market:
The redistribution of about 142 thousand bitcoins from the Mt.Gox exchange to its creditors contributed to increasing the supply in the market, which put additional pressure on prices.
4. Whale behavior:
The market witnessed large sales by large investors, which exacerbated the decline.
Future Outlook: Despite this decline, Bitcoin is known for its ability to recover in the long term. Traders are advised to monitor the market carefully, and identify key support levels to act on developments.
