Are you surprised by Bitcoin's recent downturn? Here are possible factors:

* Grayscale Trust outflows
* High leverage in the market
* Typical pre-halving adjustments
* Macroeconomic influences

What are your thoughts on the current state of BTC?

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Bitcoin slides back to $40,000 as post-ETF correction deepens

Cryptocurrencies tumbled on Thursday, with bitcoin falling back to $40,000.

Bitcoin last traded lower by 3.6% at $41,167.14, according to Coin Metrics. Earlier, it fell as far down as $40,601.37, its lowest level since Dec. 18. Ether, which has gotten a boost in recent days while bitcoin struggled, fell too. It was last down 3% at $2,448.41. The rest of the crypto market broadly dragged with them

#BTC #TrendingTopic #TradeNTell #BitcoinMoves #bitcoindown

bitcoin is currently experiencing a downtrend, leading to a significant drop in its price. Consequently, altcoins are also correcting sharply, reaching oversold levels. These times may be tough, making you question your investment decisions, but it's crucial to stay positive and focus on the bigger picture. Just remember, not long ago, Bitcoin was below $20,000. Whether you're invested in Bitcoin, Ethereum, Cardano, Solana, or any other altcoin, it's important to recognize that we are likely at the beginning of a bull market. There's still a journey ahead before substantial profits, so remain composed and consider dollar-cost averaging during market downturns. 📉
#BitcoinPrice2024 #bitcoindown #altcoins #btcupdates2024 #BTC☀

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BITCOIN FACES POTENTIAL DROP TO $50,000 AMID SELLING PRESSURE
#Bitcoin #BitcoinPriceAnalysis #bitcoindown $BTC

Bitcoin traders predict a price drop to as low as $50,000 in the coming weeks. The cryptocurrency, which hasn't seen these levels since mid-February, is under significant selling pressure. A trader highlighted, "The German government still holds over $2.3 billion worth of Bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion."

Recent Price Decline
According to CoinGecko data, Bitcoin (BTC) prices have plummeted more than 10% in the past week. This fall brought BTC below a critical technical indicator on Thursday, wiping out all gains made since the end of February.

Technical Analysis and Market Sentiment
Alex Kuptsikevich, a senior market analyst at FxPro, echoed this sentiment. In an email to CoinDesk, he noted, "Bitcoin dropped below the 200-day moving average and hasn't bounced back, staying within established patterns. From this position, a further drop to $51,000 is more likely than a rise to $65,000."

Impact of Mt. Gox and German Government Actions
On Friday, Mt. Gox began distributing bitcoin and bitcoin cash stolen in a 2014 hack, causing an 8% drop in BTC as traders reacted. Additionally, a wallet connected to the German Federal Criminal Police Office (BKA) has transferred millions of dollars worth of bitcoin to crypto exchanges since mid-June. These movements suggest an intention to sell assets seized from a 2013 piracy marketplace.
Brief Recovery and Market Volatility
Despite these factors, BTC prices briefly recovered mid-morning in Europe, rising to nearly $55,000 from a low of $53,600 in early Asian hours. However, the sudden drop led to over $550 million in crypto longs, or bets on higher prices, being liquidated in the past 24 hours.

Conclusion
The Bitcoin market is experiencing significant volatility due to large-scale selling pressures from government entities and Mt. Gox. Traders and analysts are closely watching these developments, anticipating potential price drops to $50k.