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Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-sharp-dip-follows-federal-reserves-latest-move" rel="noopener noreferrer nofollow">Bitcoin’s Sharp Dip Follows Federal Reserve’s Latest Move</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/galaxy-digitals-mike-novogratz-cites-us-debt-concerns-as-bitcoin-support" rel="noopener noreferrer nofollow">Bitcoin</a> market recently experienced a significant drop, with the <a href="https://en.bitcoinhaber.net/changpeng-zhaos-fortune-soars-amid-legal-challenges" rel="noopener noreferrer nofollow">cryptocurrency</a>‘s price plunging to $64,533. This downturn sparked a ripple effect, causing altcoins to tumble by up to 10%. Despite the initial shock, the market showed signs of stabilization as Bitcoin recovered to the $66,000 mark, although altcoins still posted losses around 12-13%.</p>
<h2 id="market-reactions-to-economic-indicators">Market Reactions to Economic Indicators</h2>
<p style="text-align: justify">After a brief uptick, Bitcoin’s price regressed to the lower $64,000 level, coinciding with a Federal Reserve meeting which analysts consider an impetus for such fluctuations. Skew, a well-regarded cryptocurrency analyst, observed a shift in exchange activity with traders focusing on the $60,000 to $64,000 region, indicating strong selling pressure from spot sales.</p>
<p style="text-align: justify">Skew also noted that certain institutions are proactively making incremental purchases during these dips, a move that may signify an impending upward price trajectory. These institutions appear to employ a dollar-cost averaging (DCA) strategy, taking advantage of the market’s lower prices.</p>
<h2 id="prospects-of-cryptocurrency-recovery">Prospects of Cryptocurrency Recovery</h2>
<p style="text-align: justify">Historically, significant downturns in the realm of 30-40% were common during bull markets, and the current Bitcoin retracement hasn’t even approached the 20% mark. This pattern suggests that long-term investors might benefit from holding their positions, even if short-term market sentiment is negative.</p>
<p style="text-align: justify">Apollo CEO Thomas Fahrer offered insights into the future of Bitcoin, emphasizing the potential impact of Bitcoin ETFs and hedge funds on the market. He predicts a substantial influx of capital into Bitcoin could propel prices to new heights, especially considering that the active <a href="https://en.bitcoinhaber.net/anthony-scaramucci-foresees-monumental-bitcoin-surge-to-200000-by-2024" rel="noopener noreferrer nofollow">BTC</a> supply on exchanges is around $140 billion, with available supply just above $200 billion. Fahrer anticipates a surge in institutional investment in the coming months and points to the CME Gap at $69,135 as a target for the price to fill.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-sharp-dip-follows-federal-reserves-latest-move" rel="noopener noreferrer nofollow">Bitcoin’s Sharp Dip Follows Federal Reserve’s Latest Move</a></h5>

Bitcoin’s Sharp Dip Follows Federal Reserve’s Latest Move

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