2024

Jerome Powell

Mini Bitcoin

Bitcoin

<p>The post <a href="https://coinpedia.org/news/why-is-bitcoin-price-down-today-is-a-major-correction-imminent/">Why is Bitcoin Price Down Today? Is a Major Correction Imminent?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) price closed in July with a dragonfly Doji candlestick after the bulls were rejected at around $70k. Bitcoin’s poor performance in the past two weeks has increased the fear of a further crypto correction in August. Furthermore, Bitcoin’s fear and greed index has dropped from 74 percent, greed, to around 52 percent, neutral, in the past two days.</p> 
<p>The altcoin industry followed the same bearish path, with the total crypto market down over 3 percent to hover about $2.41 trillion on Thursday during the early Asian session. As a result, nearly $200 million was liquidated from the crypto-leveraged industry, mostly involving long traders.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-top-reasons-bitcoin-price-turned-bearish">Top Reasons Bitcoin Price Turned Bearish</h2> 
<h3 class="wp-block-heading" id="h-fomc-data"><strong>FOMC Data</strong></h3> 
<p>Bitcoin led the entire cryptocurrency market in a bearish outlook following high-impact economic data on Wednesday.</p> 
<p>Notably, Federal Reserve Chairman Jerome Powell said that the US inflation has eased over the past year but remains elevated. Consequently, the Federal Reserve held its benchmark interest rate at 5.50 percent.&nbsp;</p> 
<p>However, Powell indicated that a possible rate cut could occur in September if the inflation continues to ease.</p> 
<h3 class="wp-block-heading" id="h-spot-btc-etfs-outflows"><strong>Spot BTC ETFs Outflows</strong></h3> 
<p>On Wednesday, Fidelity’s FBTC led in net cash outflows of about $31 million, closely followed by ARKB with around $4.6 million.&nbsp;</p> 
<p>Meanwhile <a href="https://app.coinpedia.org/company/grayscale" target="_blank" class="profile-details">grayscale</a> <span class="company_user_profile"><span class="profile_data"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"></span> <span class="company__wrapper"> <span class="company__content"> <span class="profile_link_element"><a href="https://app.coinpedia.org/company/grayscale" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a></span> <span class="company_logo"> <a href="https://grayscale.com" target="_blank" rel="nofollow noopener"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1657785626836pw8wlqaxaz.png" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> <span class="company-name">grayscale</span> <span class="company-details"></span> <span class="company_mail"></span> <span class="company_category"><span>Lending &amp; Borrowing</span></span> <span class="profile-company-social"> <span class="company-social-icons"><a href="https://grayscale.com" target="_blank" rel="nofollow noopener"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a></span> </span> </span> </span> </span> </span> transferred $1.8 billion from GBTC to its Mini Bitcoin Trust via Coinbase Prime.</p> 
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   <p lang="en" dir="ltr">GRAYSCALE MINI BTC ETF RECEIVES $1.8B BTC INFLOW<br><br>Grayscale moved $1.8B in BTC through Coinbase Prime to their Mini Bitcoin Trust ETF last night – sourced from the GBTC Bitcoin Trust.<br><br>The Mini Trust began trading today – the ticker is Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>.<br><br>All GBTC investors are… <a href="https://t.co/bLln8x9awG">pic.twitter.com/bLln8x9awG</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1818675877711900901?ref_src=twsrc%5Etfw">July 31, 2024</a>
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<h2 class="wp-block-heading" id="h-what-s-next">What’s Next</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has been forming a falling trend in the past few months after experiencing heavy resistance around $70k. The flagship coin is about to confirm a daily reversal pattern after forming a double top coupled with bearish divergence on the Relative Strength Index (RSI)</p> 
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   <p lang="en" dir="ltr">The series of lower highs and lower lows continues <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/T4vfCID0Mf">pic.twitter.com/T4vfCID0Mf</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1818754544299339943?ref_src=twsrc%5Etfw">July 31, 2024</a>
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<p>If Bitcoin price continues to fall in the coming weeks, the flagship coin could drop as much as $48k if the support range between $60k and $62k fails to hold.</p> 
<p>Also Read : <a href="https://coinpedia.org/price-analysis/top-altcoins-to-stack-for-the-upcoming-crypto-bull-run/" target="_blank" rel="noreferrer noopener">Top Altcoins To Stack For The Upcoming Crypto Bull Run!</a></p>

Why is Bitcoin Price Down Today? Is a Major Correction Imminent?

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