Ethereum

Greed

Bitcoin ETF

Bitcoin

James

<ul>
 <li>Bitcoin price declined by 4% in the last 24 hours, slipping down to $58K.</li>
 <li>The BTC market sentiment is in an extreme fear zone.</li>
</ul>
The crypto market has suffered a notable price drop over the last 24 hours. Overall global crypto market cap has dropped by 4.07% to $2.05 trillion over the last day. Leading cryptocurrencies have fallen to considerable support levels, like in July. Bitcoin (BTC) and Ethereum (ETH) have fallen over 4% within the last 24 hours, sinking below $59K and $2.6K.&nbsp;
Bitcoin has been displaying significant fluctuations, and the current price momentum is at a declining pace, down by 3.98% in the last 24 hours. Notably, BTC fell from a high of $61K to a low of $58,207. During this dip, BTC’s trading volume has soared by 71.19% to $25 billion. At press time, BTC traded at $58,557, as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
Moreover, the BTC Fear and Greed Index stays at 25, suggesting extreme fear in the market. Crypto data platform Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">reports</a> that Bitcoin has witnessed a 24-hour liquidation of $41.31 million.&nbsp;
Meanwhile, there is an anticipation in the community toward a potential crypto ETF (exchange-traded funds) category. The Bitcoin ETF options are expected by the Q4 2024. According to ETF analyst, James Seyffart, the final deadline for a <a href="https://x.com/JSeyff/status/1821627790065799634" target="_blank" rel="noopener noreferrer nofollow">decision</a> from the U.S. Securities and Exchange Commission is on September 21.
Over the past 24 hours, the US spot Bitcoin ETFs recorded an inflow of $89.73 million, according to Sosovalue <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">data</a>. Last week, Bitcoin spot ETFs had a considerable net <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etfs-see-148-5-million-net-outflows/" target="_blank" rel="noopener noreferrer nofollow">outflow</a> of $169 million.
<h3 class="wp-block-heading" id="h-will-btc-face-further-declines">Will BTC Face Further Declines?</h3>
Zooming in last week, Bitcoin was up by 10% and traded at a high of $62,510 after July’s market <a href="https://thenewscrypto.com/analyzing-the-yen-driven-selloff-that-sparked-recent-crypto-crash/" target="_blank" rel="noopener noreferrer nofollow">crash</a>. As the week progressed, the token witnessed slight ups and downs, but it managed to maintain prices between $60K and $55,000.&nbsp;
By evaluating the BTC price chart, the daily relative strength index (RSI), which stands at 42.87, hints that the asset is approaching the neutral zone. Additionally, Bitcoin’s short-term 9-day MA, $58,334, stands above the 21-day MA, $62,474, reporting a brief bearish trend caused by the price dip, according to TradingView.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXexmpySFJrfM2bEODYsdyoskzgeiFHFgPBB_soPikbjjiOzpUGy3JY2mMzcmDOCWDvS5UMoOzRh6EqKYfHdhlRRMYaW3EMvcTVyVTvHUbl_hwJ5KuGL3z4ynmvwL_va4OiFVQ21DTViP7glBzghFsZyeekp?key=Wq9CSCKMOt2u0FFJDAhe5Q" alt="">
 <figcaption class="wp-element-caption">BTC price chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Notably, if BTC could step into the upward momentum, the asset’s price might touch its initial resistance at $59,635. As the bull run continues, the token may test subsequent resistance at the $60.5K range. However, in the event of a bearish turn, BTC will fall to find support at $57,631, and further losses will take the price to $56,896.&nbsp;
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Can Bitcoin (BTC) Bounce Back From this Recent Dip?

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