#BTC #ETH #BONK #NewsBTC #NewSignal 👁️🗨️Understanding the Market Downturn
In the last 24 hours, Bitcoin (BTC) experienced a notable 6% decline, reaching a local minimum of approximately $41,500, while Ethereum (ETH) saw a 2% decrease. Several alternative cryptocurrencies (alts) also recorded losses exceeding 3% during this period.
⤵️Factors Influencing the Decline:E
TF Hype Subsidence: The abrupt decline in BTC prices can be attributed to the waning enthusiasm surrounding Exchange-Traded Funds (ETFs), prompting investors to capitalize on their profits.
♒liquidation of Long Positions: The downturn was further exacerbated by the liquidation of Long positions, totaling a significant $271 million.
Influx of BTC to Exchanges: A notable surge of BTC onto exchanges was observed after January 10, a phenomenon typically associated with price depreciation.
🪬BTC's Resilience:
Despite these challenges, BTC is actively seeking support above the $43,000 mark, indicating a potential safeguarding of its long-term growth prospects. Numerous positive catalysts are anticipated throughout 2024, contributing to the resilience of Bitcoin in the face of short-term market fluctuations.