Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) has seen a decline in price, with analysts predicting further decrease if the $55,355 support level fails.</li> 
 <li>Market conditions and negative sentiment among large holders suggest a lack of confidence and possible further decline.</li> 
</ul>  
<p>Bitcoin (BTC) has recently experienced a downturn in its value, with a 3.64% decline in the last 24 hours. A further decrease is predicted by analysts if the $55,355 support level does not hold.</p> 
<p>Despite market trends, Bitcoin had a positive September. However, the past two days have seen a sharp decrease in its value. At the time of writing, Bitcoin was trading at $61,407, which represents a 4.31% decrease on weekly charts.</p> 
<h2 id="analyst-s-predictions">Analyst’s Predictions</h2> 
<p>Before this downturn, BTC was on a positive trajectory, increasing by 5.99% on monthly charts. However, after reaching a high of $66,508, it suffered a decline, hitting a low of $60,164.</p> 
<p>This recent fluctuation in price has resulted in widespread discussion within the crypto community. Notably, crypto analyst Man of Bitcoin has suggested a potential decline.</p> 
<p>According to his analysis, BTC has breached a micro support level, which could lead to further decline. The market is considered bearish, leading to two potential scenarios.</p> 
<p>In the first scenario, BTC would form an ABC correction, with Wave-A already in progress and prices decreasing. The key point is that Wave-B would fail to push the price above previous highs, meaning BTC would maintain its support above $55,355.</p> 
<p>In the second scenario, Bitcoin would break below the $55,355 support level, entering a five-wave structure to the downside, indicating a much steeper decline.</p> 
<h2 id="market-conditions-and-sentiment">Market Conditions and Sentiment</h2> 
<p>Fundamental indicators also suggest a potential downside. Bitcoin’s Price DAA divergence has remained negative over the past week, indicating the current price rally is not supported by fundamentals as on-chain activities have declined.</p> 
<p>This market condition implies unsustainable price growth, signaling a lack of confidence and waning interest. Furthermore, MVRV’s long/short difference has declined over the past week, suggesting long-term holders are no longer willing to hold as much, and short-term holders might be selling to avoid losses.</p> 
<p>Lastly, Bitcoin’s large holders’ netflow has been negative since 25th September, indicating that large holders are not opening new positions and are closing existing ones.</p> 
<p>This reduction in funds flow from large holders signals a negative market sentiment as high outflow suggests profit-taking or avoidance of further losses. In short, Bitcoin is experiencing a negative market sentiment with bears attempting to take over the market.</p> 
<p>If these conditions continue, BTC could decrease to $59,899. However, a reversal could see Bitcoin reclaim $62,675 levels.</p>

Critical $55,355 Support Level: The Decider for Bitcoin’s Success in October

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CoinEagle.com

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