“Bitcoin Takes a Dive: A 6% Drop on Tuesday Sparks Concerns for the Crypto Market’s Future. Can the Bull Run Survive This Correction?”
“Monday marked a historic day for the Grayscale Bitcoin ETF (GBTC) as a staggering $640 million worth of $BTC was sold, setting a record for the highest outflow in the ETF’s history. Surprisingly, not even the highly anticipated Blackrock Bitcoin ETF (IBIT) could keep up, with a daily inflow of $451 million falling short.
This resulted in a rare occurrence for the $BTC market – a negative flow of -$154 for the day, breaking a streak of positive flows over the past few weeks.”
“Market mayhem ensues as the price of $BTC takes a nosedive, leaving the king of cryptocurrencies reeling with a 6% loss on Tuesday. This sharp correction, fueled by a powerful force, has sent shockwaves through the digital currency world, bringing the overall pullback from its recent peak to a staggering 15%.”
Support Reached – Will It Hold?
“Bitcoin’s current price is teetering on a crucial support level, though not the most robust one. It’s currently nestled within a descending wedge, a promising bullish formation. If the lower trend line manages to hold its ground, we may see a powerful surge towards the upper limit and potentially even a breakout to the upside. Exciting times ahead for BTC!”
Lower Levels Could Be Reached
Take a step back and look at the bigger picture – the weekly time frame. It’s clear that the $BTC price has taken a plunge, breaking through the support that aligns with the first peak of the 2021 bull market, and the subsequent double top. As mentioned before, there is some support at this level, but if it crumbles, brace yourself for a potential drop to $60,000, or possibly even as low as $51,900. Keep a close eye on where the candle body lands next Sunday – it could be a make or break moment for Bitcoin.
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Governments Continue To Block Retail Access To Trading
Amidst the chaos and clamor of our modern world, it’s imperative to acknowledge that the events unfolding are just a small blip in the grand scheme of things. While governments scramble to prop up the failing financial system, our fiat currency continues to lose its value. And unfortunately, it’s the underprivileged who suffer the most, while the wealthy bask in their assets and ride out the storm unscathed.