Jerome Powell

Mini Bitcoin

Strong

Bitcoin

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-strong-resistance-at-70000/" data-wpel-link="internal">Bitcoin Faces Strong Resistance at $70,000</a> 
Bitcoin (BTC) closed July with a dragonfly Doji candlestick formation, indicating that bulls faced strong resistance at the $70,000 level. The weak performance over the past two weeks has raised concerns about further corrections in the <a href="https://en.coin-turk.com/rise-in-bitcoin-and-optimism-in-crypto-markets/" data-wpel-link="internal">cryptocurrency market</a> in August. 
<h2 style="text-align: justify" id="strong-decline-in-the-cryptocurrency-market-strong">Decline in the Cryptocurrency Market</h2> 
With the price drop, Bitcoin’s Fear and Greed Index fell from 74 (greed) to 52 (neutral), indicating a shift in market sentiment. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-375965" src="https://coin-turk.com/wp-content/uploads/2024/08/BTC_1M_graph_coinmarketcap.jpeg" alt="" width="801" height="534"> 
Altcoin market also followed a similar downward trend. The total value of the cryptocurrency market fell by over 3%, dropping to approximately $2.41 trillion. Along with this decline, about $200 million was liquidated in the leveraged cryptocurrency market, with a significant portion of these liquidations coming from traders holding long positions. 
<h2 style="text-align: justify" id="strong-main-reasons-for-bitcoin-s-price-drop-strong">Main Reasons for Bitcoin’s Price Drop</h2> 
Bitcoin showed a downward trend across the entire cryptocurrency market following the release of high-impact economic <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> on Wednesday. Specifically, Fed Chairman Jerome Powell noted that inflation in the U.S. had decreased over the past year but remained at high levels, triggering the decline. The Fed kept the benchmark <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> at 5.50% but indicated that a rate cut could occur in September if inflation continues to fall. 
Also on Wednesday, Fidelity’s spot Bitcoin ETF FBTC led with a net outflow of approximately $31 million, followed by ARKB with an outflow of about $4.6 million. At the same time, Grayscale transferred approximately $1.8 billion from GBTC to Mini Bitcoin Trust via Coinbase Prime. 
Bitcoin has formed a downward trend after facing strong resistance around $70,000 in recent months, causing concern among investors. The largest cryptocurrency is confirming a daily reversal pattern with a double top and a downward trend in the Relative Strength Index (RSI). If Bitcoin’s price continues to fall in the coming weeks and breaks the support zone between $60,000 and $62,000, it could drop to $48,000. 
This situation indicates that investors and traders need to closely monitor market sentiment and be prepared for potential price movements. As uncertainty continues in the cryptocurrency market, safe-haven strategies and risk management remain important for investors. 
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Bitcoin Faces Strong Resistance at $70,000

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