bullish

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-faces-sharp-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Faces Sharp Decline</a><br></p>
<p style="text-align: justify">Bitcoin’s value, which soared to $70,000 last Monday, was anticipated to hit a new all-time high. However, the cryptocurrency faced a downturn, plunging to $63,000 amid the Federal Reserve’s decisions and geopolitical tensions. The situation worsened when the Japanese economy took a historic dip, causing Bitcoin to briefly drop below $49,000 yesterday. Today, the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> witnessed a minor rebound, with an optimistic outlook from a market analyst.</p>
<h2 id="market-analyst-s-comments">Market Analyst’s Comments</h2>
<p style="text-align: justify">Following the significant market declines on Sunday and Monday, <a href="https://en.bitcoinhaber.net/altcoins-surge-on-binance-exchange" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Credible Crypto shared insights on X about Bitcoin’s recent activity. He noted that Bitcoin experienced a “nice wipeout” in open interest (OI), which tracks the total number of outstanding derivative contracts.</p>
<p style="text-align: justify">The analyst explained that the elimination of open interest signifies the removal of excessively leveraged trades. This is generally seen as a bullish signal for assets in an uptrend.</p>
<h2 id="how-much-is-bitcoin-now">How Much is Bitcoin Now?</h2>
<p style="text-align: justify">Currently, Bitcoin has rebounded from its low of $48,800. At the time of writing, BTC is being traded at $56,600, marking a 3.82% increase. The market cap has also recovered to $1.17 trillion.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">Important points to consider from the recent Bitcoin market activity:</p>
<ul>
 <li>Bitcoin fell significantly from $70,000 to below $49,000 due to various economic factors.</li>
 <li>Open interest wipeout is considered a positive sign for a bullish trend.</li>
 <li>The market is showing signs of recovery with Bitcoin trading at $56,600.</li>
 <li>Market cap has returned to $1.17 trillion.</li>
 <li>24-hour trading volume decreased by 49%, falling to $53.3 billion.</li>
</ul>
<p style="text-align: justify">The recent market correction appears to be a temporary dip, with a medium to long-term positive outlook according to experts.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-faces-sharp-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Faces Sharp Decline</a></h5>

Bitcoin Price Faces Sharp Decline

Table of Contents

BH NEWS

Other articles published on Aug 6, 2024

Ronin Bridge Exploit Causes Platform Damage of Nearly $10 Million

Latam Crypto Market Set for Growth in 2024

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

Investors Stock Up Amid Bitcoin Dip – Top 3 Coins Ready to Explode in the Coming Bull Rally

XRP Whales Return With 26 Million XRP in 24 Hours

Bit-Chess Announced Its Presale for Decentralized Chess to Take the Center Stage

Join our free newsletter for daily crypto updates!