bullish

Long

Bitcoin

when

Momentum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-due-to-market-turmoil/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop Due to Market Turmoil</a><br></p>
<p style="text-align: justify">The recent turmoil in the Spot Bitcoin ETF market shocked the crypto world, causing Bitcoin (BTC) to fail to stay above the critical level of $60,000. The crypto king fell by 3.65% in the last 24 hours to $58,515. This drop intensified due to increased volatility and growing concerns about a potential US recession, leading to an oversupply in the market.</p> 
<h2 style="text-align: justify" id="strong-bitcoin-loses-upward-momentum-strong"><strong>Bitcoin Loses Upward Momentum</strong></h2> 
<p style="text-align: justify">Despite a strong recovery earlier this month when Bitcoin surpassed $60,000 and crossed the 200-day Exponential Moving Average (EMA), the upward momentum stalled. The recovery rally, fueled by the support trend line and improving market sentiment during “Black Monday,” lost its pace. Bitcoin’s price is now facing significant pullback from the 50-day EMA, which acts as dynamic resistance.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378843" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Fiyat-Grafigi.png" alt="" width="1600" height="796"></p> 
<p style="text-align: justify">Over the weekend, Bitcoin’s price drop led to a significant increase in supply pressure, causing a sharp decline of $2,227. During Sunday’s trading session, the price fell below $60,000, and a Doji formation, indicating indecision among investors, appeared during Asian market hours.</p> 
<p style="text-align: justify">The last 24 hours have been particularly brutal for bullish investors, with liquidation figures rising to $156.48 million. Long positions bore the brunt with $123.74 million in liquidations compared to $32.74 million for short positions. This reflects an increasing weakness in bullish sentiment, as shown by the approximately 1:3 liquidation ratio favoring the bears.</p> 
<p style="text-align: justify">On a slightly more positive note, the derivatives market showed a 95% increase in trading volume, reaching $49.79 billion. However, Open Interest fell by 2.74% to $27.58 billion. Top investors on <a href="https://en.coin-turk.com/legendary-analyst-who-predicted-major-crash-speaks-bitcoin-and-cryptocurrency-markets/" data-wpel-link="internal">Binance</a> exhibit cautious optimism, with the long/short ratio indicating a preference for long positions.</p> 
<p style="text-align: justify">Currently, technical indicators paint a mixed picture. The daily Relative Strength Index (RSI) struggled to surpass the 50 level after bouncing from the oversold region, indicating more downside potential. Meanwhile, BTC’s price falling below the 200-day EMA raises concerns about a potential death cross, signaling a longer-term bearish trend.</p> 
<h2 style="text-align: justify" id="strong-what-s-next-for-bitcoin-strong"><strong>What’s Next for Bitcoin?</strong></h2> 
<p style="text-align: justify">Looking ahead, the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> remain highly volatile, especially due to the upcoming US Presidential elections and looming economic uncertainties, posing a threat of further declines and a potential drop to $50,000. However, $50,000 is expected to act as a strong support level, potentially leading to a cyclical recovery.</p> 
<p style="text-align: justify">If market conditions stabilize, especially with a possible interest rate cut before the US elections, Bitcoin could see a recovery and potentially aim for an all-time high before the end of 2024.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-due-to-market-turmoil/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop Due to Market Turmoil</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-due-to-market-turmoil/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop Due to Market Turmoil</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Faces Significant Price Drop Due to Market Turmoil

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