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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-drop-after-japans-interest-rate-hike/" data-wpel-link="internal">Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike</a> 
<a href="https://en.coin-turk.com/analysis-of-bitcoin-network-metrics-highlights-sustainability-concerns/" data-wpel-link="internal">Bitcoin</a>, Japan’s Central Bank announced an increase in the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> from 0% to 0.25%, causing Bitcoin to fall below $50,000. This decision directly affected the US stock market as investors borrowed Japanese Yen at low-interest rates to purchase assets in the US market. This paradigm shift directly impacted risk assets as Bitcoin experienced further corrections. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-bitcoin-front">What is Happening on the Bitcoin Front?</h2> 
Bitcoin witnessed a third lower high (LH3) on July 29, briefly touching $70,000. This specific pattern signaled a strong downward trend each time in 2024, and Bitcoin has since fallen by 25% from LH3. Previously observed lower highs in April and June 2024 led to significant corrections of 23% and 26%, respectively. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377060 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-4.png" alt="" width="2710" height="1278"> 
Bitcoin’s sudden crash caught everyone off guard. The BTC/USD pair failed to maintain previous support levels at $60,000 and $57,000, eventually falling below $50,000. As Bitcoin’s market structure formed a new lower-low pattern, CryptoQuant contributor Axel Adler Jr. explained that Bitcoin’s price fell below the medium-risk lower limit of 9% of active investors’ average purchase price for the fifth time, targeting $48,000 as a support level. 
Additionally, Capriole Fund founder Charles Edwards believes Bitcoin should start pulling back at its current range of around $52,000. However, if Bitcoin cannot hold above $50,000, its next significant support is around $44,000. The low $40,000 levels served as a consolidation range from December 2023 to February 2024. 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
While popular advocates suggest Bitcoin should rise at $48,000 or $44,000, Intotheblock <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that major investors’ buying levels are even lower. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377059 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/itb-1.webp" alt="" width="2358" height="728"> 
Currently, approximately 6.39 million addresses hold 2.38 million Bitcoin at an average price of $42,446. Retesting $42,446 would mean an additional 18% correction from the current market value. This could certainly lead to more panic and significantly affect buyer confidence. 
From a technical perspective, a bid range between $44,000 and $48,000 seems logical because a weekly order block formation exists in this range, combined with two other indicators. Therefore, the chance of Bitcoin price retesting the weekly 100-exponential moving average in this range is high, and the 0.5 Fibonacci line is at the same level of $44,672. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-377058 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-haftalik.png" alt="" width="2710" height="1278"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-drop-after-japans-interest-rate-hike/" data-wpel-link="internal">Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-experiences-significant-drop-after-japans-interest-rate-hike/" data-wpel-link="internal">Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike

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