Greed

bullish

United

Bitcoin

when

The price of Bitcoin fell more than 3% on Monday amid panic selling by investors at the start of a key macro week in the United States. 
Bitcoin dropped from around $65,000 to $63,200 today, and according to 10x Research, the drop appears to be a typical bull market pullback caused by overbought conditions. 
Speaking to Coindesk, 10x Research founder Markus Thielen noted in his report last week that Bitcoin was showing signs of being overbought in the short term, but that this decline was short-term. 
<blockquote> 
 “We noted in last week’s report that BTC appeared to be overbought in the short term, as reflected by rising levels of the Greed &amp; Fear index. 
 “Current short-term reversal signals have turned bearish and suggest a pullback is likely in the next few days. However, we think the correction will be short-term.” 
</blockquote> 
<h2 id="the-incident-that-has-been-happening-since-june-is-happening-again">The incident that has been happening since June is happening again!</h2> 
Markus Thielen stated that the recent decline is also linked to the US ISM data to be released this week, and pointed out that the Bitcoin price has fallen by 10% since June, in the first week of the month when the US ISM Production data was published. 
Thielen stated that the bullish expectations for Bitcoin for the fourth quarter are valid, and said: 
<blockquote> 
 “The US ISM Manufacturing data shows forward-looking indicators have fallen to near recessionary levels. This makes tomorrow’s data quite uncertain. If the data falls below 48.0, it could lead to another drop in Bitcoin, while a higher number could trigger a rally.” 
</blockquote> 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/what-is-the-reason-for-the-decline-in-bitcoin-will-the-decline-continue-famous-analyst-pointed-to-the-us-made-reassuring-statements-for-investors/">What is the Reason for the Decline in Bitcoin? Will the Decline Continue? Famous Analyst Pointed to the US, Made Reassuring Statements for Investors!</a>

What is the Reason for the Decline in Bitcoin? Will the Decline Continue? Famous Analyst Pointed to the US, Made Reassuring Statements for I...

Table of Contents

Bitcoin Sistemi EN

Other articles published on Sep 30, 2024

Breaking: Donald Trump’s World Liberty Financial KYC Verification Goes Live

Bitcoin Will Hit New ATH Only After This Changes: Santiment

Solana Rises 7% Amid Support for Solana-Based Meme Coins - Dogen, WIF, and Bonk in the Spotlight

Bitcoin Faces Pressure Amid Japan’s Stock Market Slide

Bitcoin Hashprice Reaches $47.42 per PH/s, Up from $42.98 Last Month

Bitcoin ATH bull run unlikely if social sentiment runs too hot — Santiment

Join our free newsletter for daily crypto updates!