Ethereum

Based

Solana

Bitcoin

<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Before you reading, did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>
<ul>
 <li>Bitcoin (BTC) price is in a downtrend amid a dramatic and bearish turn in the broader digital currency ecosystem.</li>
 <li>According to a top market analyst at CrediBULL Crypto, the rapid decline in the price of Bitcoin (BTC) is viewed as an opportunity to accumulate.</li>
 <li>Altcoins were generally not in a bad situation, as Ethereum (ETH) dropped by 4.2% to $1,962.13 overnight.</li>
</ul>
<p><strong>Bitcoin price experienced a sharp decline in the face of intense selling pressure; Can the decline continue? Current status!</strong></p>
<h2 id="strong-can-bitcoin-price-overcome-the-pressure-strong"><strong>Can Bitcoin Price Overcome the Pressure?</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126554" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Bitcoin (BTC) price is in a downtrend amid a dramatic and bearish turn in the broader digital currency ecosystem. As of the time of writing, Bitcoin has experienced a 3% drop despite apparent bullish factors circulating in the market.</p>
<p>Bitcoin is rapidly losing its gains and is currently trading at a price of $36,270 as of the time of writing. Despite the potential negative impact of this current price drop, according to a top market analyst at CrediBULL Crypto, the rapid decline in the price of Bitcoin (BTC) is viewed as an opportunity to accumulate.</p>
<p>Based on CrediBULL Crypto’s previous analyses, relying on the local bottom level around $34,600 has always been predicted to be tested closely. Although this downtrend has not touched this level yet, the fundamental thesis behind the prediction has been confirmed with the current outlook.</p>
<p>According to the analyst, most profit realization is systematic and can be attributed to long positions that have largely accumulated in the last few days. A sensible pullback is inevitable with the exit of long-term sellers from the market.</p>
<p>Data from CoinGlass supports this thesis, as over $217.79 million in total liquidity has been withdrawn from the market by more than 77,200 traders in the last 24 hours. The liquidation figures for Bitcoin during this period mainly involve $61.42 million, including mostly long-term traders. The downtrend in the price of Bitcoin (BTC) is not permanent, as CrediBULL Crypto believes it is currently time for Bitcoin’s “bounce.”</p>
<h2 id="strong-altcoins-in-disarray-strong"><strong>Altcoins in Disarray</strong></h2>
<p>Altcoins were generally not in a bad situation, as Ethereum (ETH) dropped by 4.2% to $1,962.13 overnight. Despite rallying on news of BlackRock’s application to the U.S. Securities and Exchange Commission (SEC), Ethereum’s downtrend is quite strong.</p>
<p>The decline in altcoin prices reflects how strongly many altcoins are dependent on the price of Bitcoin (BTC). While Solana (SOL) fell by 6.89% to $61.61, Cardano (ADA) dropped by 1.73% to $0.3703, and XRP retraced its previous gains with a 4.65% drop to $0.6177. The only good news is that a future recovery in Bitcoin prices will likely trigger a comprehensive altcoin recovery, a trend the market can rely on.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-price-faces-selling-pressure-is-further-decline-possible/">Bitcoin Price Faces Selling Pressure: Is Further Decline Possible?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>

Bitcoin Price Faces Selling Pressure: Is Further Decline Possible?

Table of Contents

CO NEWS

Other articles published on Nov 17, 2023

SEC’s Crypto Regulation Strategy Under Fire: CASE Chairman Speaks Out

Tether Has An Ambitious Plan To Dive Into Bitcoin Mining

Crypto Trader’s Top 3 Altcoins ARB, INJ, and LINK Face Correction

Ripple’s Legal Battle: Attorney Claims Weaknesses in SEC’s Approach

BREAKING: SEC’s Decision on Franklin Templeton Spot Bitcoin ETF Application – It’s Delayed

Best performing altcoins this week

Join our free newsletter for daily crypto updates!