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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-plummets-over-6-in-one-hour" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Plummets Over 6% in One Hour</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/bitcoin-surges-past-53000-a-rally-erasing-its-past-declines" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) price experienced a dramatic decline of more than 6% within an hour, triggering a wave of panic sales in various altcoins. The sell-off gained momentum as the US market opened and intensified after the market closed, with BTC falling to $58,000 following a failed attempt to test the $65,000 mark. Investors are left questioning the underlying reasons for this rapid drop.</p>
<h2 id="what-is-causing-the-cryptocurrency-downturn">What is Causing the Cryptocurrency Downturn?</h2>
<p style="text-align: justify">In recent evaluations, analysts had suggested that the BTC price could fall to $61,700 or lower. Although this scenario was anticipated, the speed at which it unfolded caught many off guard. The failure of BTC to hold the $65,000 level and continued Binance-centered sell-offs have rattled investor confidence. The loss of the $61,700 support level was expected to accelerate the decline, particularly with the opening of Asian markets.</p>
<h2 id="is-insider-trading-to-blame">Is Insider Trading to Blame?</h2>
<p style="text-align: justify">As <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> observed patterns reminiscent of previous months, they began offloading their holdings as stop levels were breached. This rapid sell-off has raised suspicions of insider trading, potentially hinting at unfavorable news on the horizon. In just the last four hours, long positions worth $189 million have been liquidated, validating the cautious approach of those expecting a swift reversal.</p>
<h2 id="investor-insights">Investor Insights</h2>
<ul>
 <li>Monitor key support levels closely, such as $61,700, to anticipate potential sell-offs.</li>
 <li>Be wary of rapid price movements that could indicate insider trading or upcoming news.</li>
 <li>Stay informed about macroeconomic indicators like PCE <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, which may impact cryptocurrency markets.</li>
 <li>Keep an eye on ETF flows, as significant outflows could signal broader market sentiment.</li>
</ul>
<p style="text-align: justify">The Personal Consumption Expenditures (PCE) data is the most crucial development this week, with significant implications expected on Friday. Despite favorable macroeconomic conditions, cryptocurrencies are underperforming within risk markets as the US Dollar Index (DXY) hits a 52-week low of 100. It’s yet to be seen if a specific factor is driving this negative divergence.</p>
<p style="text-align: justify">In the ETF sphere, BTC has seen an outflow of $18.3 million, with BITB witnessing a $6.8 million outflow, potentially marking the first net outflow day since mid-August.</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-plummets-over-6-in-one-hour" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Plummets Over 6% in One Hour</a></h5>

Bitcoin Price Plummets Over 6% in One Hour

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