Bitcoin (BTC) continues to fall, this is the reason

“The Bitcoin (BTC) frenzy appears to have come to a halt as its price took a downward turn last week. To add to the drama, a staggering amount of BTC was reportedly liquidated in the past 24 hours.”

“Bitcoin’s dramatic plunge has sent shockwaves through the crypto world, igniting intense discussions about the catalyst behind its sudden downfall. Today, the once soaring Bitcoin (BTC) has plummeted by a staggering 7%, leaving investors scrambling to uncover the root of the volatility.”

What’s The Reason Behind Bitcoin’s Fall?

Several factors need to be considered that are triggering Bitcoin’s recent decline, Some are:

Quiet Market Activity Precedes FOMC Meeting

“Anticipation is mounting as the Federal Open Market Committee (FOMC) prepares to make their decision. The market is eerily quiet as investors tread carefully, wary of potential changes. The latest inflation numbers, including the US Consumer Price Index (CPI) and Producer Price Index (PPI), have cast a shadow over market sentiment.”

Investors were once hopeful for a year filled with five rate cuts, but the tide has turned. Inflation has reared its head, forcing them to rethink their strategies and lower their expectations to just three rate cuts. The CME FedWatch Tool paints a bleak picture, with a staggering 99% chance of interest rates staying stagnant tomorrow.

Crypto Market Liquidations

“Breaking News: Coinglass reveals jaw-dropping figures of $622 million in BTC liquidations within the past 24 hours! Shockingly, $106 million came from short positions while a whopping $515 million was from long positions. Are you ready for the wild ride in the crypto market?”

“Bitcoin’s turbulent journey continued as it suffered yet another blow – a staggering $130 million in liquidations. The impact was felt heavily by both long traders, who lost a whopping $102 million, and short traders, who saw $28 million vanish into thin air. These massive liquidations have undoubtedly played a major role in Bitcoin’s downward spiral.”

Exclusive: Bitcoin Sudden 10% Drop – Is It Still Good to Buy BTC?

Bitcoin (BTC) correction speed up, Will it continue?

Bitcoin Sudden 10% Drop – Is It Still Good to Buy BTC?

Bitcoin’s OI and RSI

“Bitcoin Futures Open Interest (OI) takes a dip, losing 0.76% in the past 24 hours and settling at 532,000 BTC or a whopping $34.12 billion. However, the CME Exchange saw a bigger decline of 4.53%, with their OI dropping to 168,000 BTC or $10.78 billion.

On the other hand, Binance also experienced a decrease of 3.39%, bringing their OI down to 114,000 BTC or $7.36 billion. Will this trend continue or will the bulls make a comeback? Stay tuned to find out!”

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