Bitcoin

Impact

Drops

Status

Daily

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-sharply-in-24-hours/" data-wpel-link="internal">Bitcoin Price Drops Sharply in 24 Hours</a> 
Bitcoin (BTC) price dropped sharply in the last 24 hours, losing more than 10%. The price drop left many cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> in a panic. This sharp decline raised concerns about the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future trajectory</a> of the <a href="https://en.coin-turk.com/what-is-ripple-xrp/" data-wpel-link="internal">cryptocurrency market</a>. 
<h2 style="text-align: justify" id="strong-current-status-of-daily-and-4-hour-bitcoin-price-charts-strong">Current Status of Daily and 4-Hour Bitcoin Price Charts</h2> 
Looking at the daily timeframe price chart, it is evident that Bitcoin’s failure to break above the critical resistance level of $68,000 led to a significant downward trend. The price continuously fell, breaking both the $60,000 support and the 200-day moving average around $61,000. Currently trading at around $50,000, Bitcoin risks testing the $48,000 support level. However, the Relative Strength Index (RSI) indicates oversold conditions, suggesting a short-term bottom might be near. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377112" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Analiz-Yorum.jpeg" alt="" width="2560" height="1309"> 
The 4-hour price chart reveals a nearly vertical drop since breaking the $60,000 support level. This bearish market structure intensified as it fell below July’s low of $54,000. The RSI in this timeframe also shows a clear oversold signal, indicating a possible consolidation above the $48,000 support level in the short term. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377113" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Yorum-Analiz.jpeg" alt="" width="1531" height="783"> 
<h2 style="text-align: justify" id="strong-impact-of-bitcoin-funding-rates-strong">Impact of Bitcoin Funding Rates</h2> 
The futures market played a significant role in Bitcoin’s recent price crash, with a large long liquidation contributing to the free fall in price. This is clearly visible in the Funding Rates metric chart, which shows whether buyers or sellers are more aggressive. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377114" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Fonlama.jpeg" alt="" width="1532" height="862"> 
The recent market crash led to the most negative funding rate observed in 2024. While negative funding rates can lead to a short squeeze and a potential V-shaped recovery, it is too early to predict such an outcome at this stage. 
The sharp drop in Bitcoin’s price undoubtedly shook investor confidence, but oversold signals from the RSI on both daily and 4-hour charts suggest the market might stabilize soon. Key levels to watch are the $48,000 support and the behavior of funding rates, which will provide more insight into the market’s direction. 
Despite the current downtrend, the possibility of a short-term recovery cannot be ignored. If Bitcoin manages to stay above the $48,000 support level and funding rates start to rise, a consolidation period or even a V-shaped recovery could be expected. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-sharply-in-24-hours/" data-wpel-link="internal">Bitcoin Price Drops Sharply in 24 Hours</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-price-drops-sharply-in-24-hours/" data-wpel-link="internal">Bitcoin Price Drops Sharply in 24 Hours</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Price Drops Sharply in 24 Hours

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