#write2earn #Bitcoin Correction: Assessing Support Levels and Market Sentiment #PriceDrop #BTC #HotTrends
$BTC

Bitcoin has taken a hit, down by as much as 6% today, and the rest of the crypto market isn't faring any better. People are starting to wonder how far this correction will go and if the bull market is coming to an end.

Yesterday saw a massive sell-off of over $640 million worth of Bitcoin from the Grayscale Bitcoin ETF (GBTC), setting a record for outflows in a single day. Even with the Blackrock Bitcoin ETF (IBIT) seeing a daily inflow of $451 million, it couldn't match up. This resulted in a negative flow for Bitcoin for the first time in weeks, with a net outflow of $154 million for the day.

This downward pressure on the price has accelerated the ongoing correction, with Bitcoin now over 6% down for the day, bringing the total pullback from its recent peak to almost 15%.
As for support levels, Bitcoin is currently holding onto a support level, though it's not the strongest.

It's caught within a descending wedge pattern, which typically signals bullish momentum. If the lower trend line holds, there's potential for a bounce back up and maybe even a breakout to the upside.

Taking a broader view on the weekly timeframe, Bitcoin has dropped below support levels that were significant during the first bull market peak in 2021 and a subsequent double top. While there's some support at the current level, if it fails, we might see Bitcoin's price drop further, possibly to $60,000 or even as low as $51,900. Where the weekly candle closes next Sunday will be crucial to watch.

Amidst all this, it's important to remember the bigger picture. Fiat currency is continuously losing value as governments struggle to stabilize the financial system. This widening wealth gap leaves the less fortunate in a tougher spot while the wealthy can protect themselves with assets.

Adding to the complexity, some governments are restricting their citizens from buying Bitcoin on centralized exchanges. That's why decentralized exchanges (DEXes) are becoming increasingly vital.

Bitcoin Could Drop to $58K as Cool-Off Period Is Imminent

#BTC #PriceDrop #bearishbitcoin

Bitcoin nearly doubled in price since late January, but a "counter move seems to be near,"

Bitcoin (BTC) has been climbing ever-higher over the past month, notching new all-time highs on the way with every dip bought up quickly, but the largest crypto may be poised for a cool-off phase, analysts warned.
Digital asset analytics firm Swissblock said in a note on Wednesday that bitcoin nearly doubled in price from $38,000 in late January without any meaningful pullbacks, and a cooling period could be imminent.
"Nothing rallies in a straight line. Not even BTC," Swissblock analysts said in a Telegram update. "A counter move seems to be near."

"We see BTC dropping to $58,000-$59,000 in the next move," they said, representing a 20% decline from current prices. "But the top is not in."

🚨 Important Update: Bitcoin Price Drop Expected! 📉
Hey everyone,
As I mentioned before, Bitcoin is likely to decrease in value soon. The big investors in New York, known as whales, are selling off Bitcoin once more. I want to stress that Bitcoin's price will go down today!
I'm sharing this information to help you prepare. Take care and stay safe!

#Bitcoin #PriceDrop #CryptoTrading #TrendingPredictions

XRP EXPERIENCES MILD DECLINE, TRADING AT $0.4898

In the last 24 hours, Ripple's XRP faced a minor setback, reflecting a 1.45% drop and currently trading at $0.4898. Despite this dip, the cryptocurrency market remains dynamic, with XRP showing resilience amid fluctuations. Investors are closely monitoring these changes, assessing market patterns and trends. As the crypto landscape evolves, adaptability and strategic decision-making remain key for navigating these fluctuations effectively. Stay tuned for real-time updates on XRP's performance.

#CryptoMarket #Ripple #PriceDrop #DigitalCurrency #CryptocurrencyNews

⚠️ Jump Trading's aggressive offloading and Paradigm VC's selling have caused Ether ($ETH ) to drop over 21% in 24 hours, hitting a 5-month low of $2,252.
#JumpTrading has sold $377M of $wstETH since July 24, with $104M left to sell.

#EthereumPrice #ETHPrice #PriceDrop #TrendingTopic