2024

Bitcoin

Read

Chainlink

<ul> 
 <li>Bitcoin’s recent 27% correction suggests potential entry points, backed by historical resilience in bull markets.</li> 
 <li>Market turmoil, including miner challenges and government sell-offs, intensified Bitcoin’s recent downturn.</li> 
 <li>Despite major firms buying Bitcoin, analysts caution its short-term volatility makes investing risky.</li> 
</ul> 
<p>The total capitalization of the <a href="https://cryptonewsland.com/algotech-algt-set-to-dominate-the-cryptocurrency-market-alongside-solana-and-pyth-network-in-2024/" target="_blank" rel="noreferrer noopener">cryptocurrency market</a> fell to more than $ 400 billion, and cryptocurrency itself entered a unstable phase during which its price peaked at $ 53,000. Therefore, it is logical for these specialists to take the current position as a sign of grounds for investment, irrespective of when it seemed unfavorable.</p> 
<p>The CEO of Blockstream, Adam Back, stressed the value of maintaining perspective in the face of market turbulence. He drew attention to the fact that prior Bitcoin bull runs had several 30% corrections, however the most recent drop was only about 27%. Back advised followers to think about purchasing the dip rather than to freak out.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we're at about -26% (-27% earlier). <br><br>in fact if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern. don't panic, buy the dip. or buy a bit of <a href="https://twitter.com/search?q=%24CMSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CMSTR</a> with… <a href="https://t.co/vBOjFN1TOn">pic.twitter.com/vBOjFN1TOn</a></p>— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1809102254512775659?ref_src=twsrc%5Etfw">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h3 class="wp-block-heading" id="h-technical-indicators-at-play-bitcoin-s-200-dma-break-could-signal-further-declines"><strong>Technical Indicators at Play: Bitcoin’s $200-DMA Break Could Signal Further Declines</strong></h3> 
<p>Bitcoin is falling below the critical level or the 200-day moving average for the first time in the last ten months, making investors worried. This level, formerly seen as sufficient to gain entry into <a href="https://cryptonewsland.com/us-spot-bitcoin-etfs-see-largest-net-inflows-in-three-weeks/" target="_blank" rel="noreferrer noopener">spot Bitcoin exchange-traded funds</a> (ETFs), stepped up the selling pressure.</p> 
<p>The market turmoil resulted in the liquidation of over $800 million in long positions within a mere three days. Several factors contributed to this downturn, including challenges faced by Bitcoin miners following April’s halving event. The halving reduced miners’ <a href="https://www.coinbase.com/en-gb/" target="_blank" rel="noreferrer noopener">coinbase rewards</a> per block, compelling some to sell portions of their Bitcoin holdings to manage financial pressures.</p> 
<h3 class="wp-block-heading" id="h-external-pressures-government-sell-offs-and-miner-challenges"><strong>External Pressures: Government Sell-Offs and Miner Challenges</strong></h3> 
<p>Additionally, the German government’s decision to gradually liquidate its <a href="https://cryptonewsland.com/blackrock-pushes-bitcoin-holdings-to-300000-btc-following-spot-ethereum-etfs-approval/" target="_blank" rel="noreferrer noopener">Bitcoin holdings </a>added to the selling pressure. Originally seized from operators of the film piracy platform Movie2k.to, the government possessed nearly 50,000 BTC, with over 46,000 BTC moved to exchanges recently. This move added to market volatility and investor uncertainty.</p> 
<p>Thus, the recent fluctuation of Bitcoin price is not only the result of the profound stimulating of fundamental factors of economic nature but of the general tendency of the market mood as well. The specialists and key opinion leaders, including Adam Back – a cipher-punk and one of the early developers in Bitcoin still keep optimism and some candidates to obligatory indicators at the present stage following the experience of some failures at bear phases but essential rebounds in bull phases.</p> 
<p>Hence, the current status of the stock market is advised to be approached very carefully by the investors by looking at not only the potential short-term earnings but the long-term losses as well. It articulates how ever-shifting the cryptocurrency market is through demonstrating how macroeconomic factors, innovative technologies, and legislation affect people’s feelings about their investments and the value of their assets.</p> 
<p>In this case, it remains possible to state that the current changes in the <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">bitcoin’s price</a> clearly reveal the interaction between external factors and internal tendencies of the market. Where Bitcoin and other cryptocurrencies would be headed within the weeks that are going to come would most likely be influenced by investor confidence and strategic behaviors because of stabilization of the market.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/chainlink-oracle-services-build-advanced-smart-contracts/">Chainlink Oracle Services Build Advanced Smart Contracts</a></li> 
 <li><a href="https://cryptonewsland.com/weekend-trading-of-bitcoin-dropped-to-historic-lows-as-etf-influence-took-hold/">Weekend Trading of Bitcoin Dropped To Historic Lows as ETF Influence Took Hold</a></li> 
 <li><a href="https://cryptonewsland.com/xrp-dominates-altcoin-trading-despite-heavy-sell-offs/">XRP Dominates Altcoin Trading Despite Heavy Sell-Offs</a></li> 
 <li><a href="https://cryptonewsland.com/grayscales-btc-sell-off-why-and-whats-next/">Grayscale’s BTC Sell-Off: Why and What’s Next?</a></li> 
 <li><a href="https://cryptonewsland.com/crypto-resilience-amidst-major-sell-offs/">Crypto Resilience Amidst Major Sell-Offs</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-faces-volatility-amid-market-sell-off-and-miner-pressure/">Bitcoin Faces Volatility Amid Market Sell-Off and Miner Pressure</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Faces Volatility Amid Market Sell-Off and Miner Pressure

Table of Contents

Crypto News Land

Other articles published on Jul 6, 2024

Analysts Predict Bitcoin’s Bottom Price Range

Unite for Crypto Wealth: MoonBag Referral Programme Empowering Communities to Earn Free Rewards

dogwifhat (WIF) Price Prediction After 25% Price Rally: What Next

Whale Antusias Menyambut Fetch.ai (FET) Berubah Jadi ASI

Are Bitcoin Panic Selling Over? What awaits BTC next? QCP Analysts Evaluated!

Dogwifhat (WIF) Surges Ahead in Weekend Crypto Market Recovery

Join our free newsletter for daily crypto updates!