Value

Bitcoin

Momentum

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-decline-in-value/" data-wpel-link="internal">Bitcoin Experiences Significant Decline in Value</a> 
Bitcoin (BTC) dropped by 1.62% in the last 24 hours, falling below the $57,500 threshold, resulting in a weekly loss exceeding 10.5%. Despite historical expectations of a downward trend in September, investor concerns have increased. 
<h2 style="text-align: justify" id="strong-capital-flows-into-stablecoins-strong">Capital Flows into Stablecoins</h2> 
After pulling back from the $65,000 level last week, Bitcoin’s intensified decline reflects a broader shift in market sentiment as capital flows into stablecoins. This shift indicates growing caution among investors, who prefer stablecoins, pushing their total market value to a record near $170 billion. Analysts interpret this trend as a sign of decreased short-term confidence in Bitcoin, with investors possibly expecting more significant declines before re-entering the market. 
Experienced <a href="https://en.coin-turk.com/near-coin-shows-signs-of-revival/" data-wpel-link="internal">crypto analyst</a> Ali Martinez noted a significant drop in on-chain activities related to exchanges, as indicated by the Exchange Volume Momentum indicator. According to the analyst, the decline in on-chain activities reflects reduced investor interest and decreased network usage, indicating potential weakness in Bitcoin’s fundamentals. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-384828" src="https://coin-turk.com/wp-content/uploads/2024/09/Bitcoin-Borsa.jpeg" alt="" width="1800" height="1013"> 
Throughout the past quarter, Bitcoin attempted several V-shaped recoveries following declines in May, July, and August, but each subsequent drop was deeper, and the recoveries became less robust. End-of-August <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> suggested that the market might approach a critical breaking point in September, potentially leading to a decrease in demand, raising concerns about Bitcoin’s resilience. 
<h2 style="text-align: justify" id="strong-key-support-levels-threatened-strong">Key Support Levels Threatened</h2> 
Crypto analyst Rekt Capital highlighted that Bitcoin was trading below the crucial support level of $58,540 just hours before the weekly candle close. Closing below this level could pave the way for further declines, while maintaining the uptrend requires a close above $59,000. Given the current price movement, a close above $59,000 is considered an unlikely scenario. 
Meanwhile, the upcoming US employment data and its impact on the Fed <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> decision in September will play a crucial role in Bitcoin’s trajectory. Currently, Bitcoin is in a strong reconsolidation phase. Rekt Capital reminded that historically, Bitcoin tends to make significant moves approximately 150-160 days after block reward halvings, warning that if past patterns repeat, a breakout might not occur until the end of September. 
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The post <a href="https://en.coin-turk.com/bitcoin-experiences-significant-decline-in-value/" data-wpel-link="internal">Bitcoin Experiences Significant Decline in Value</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Experiences Significant Decline in Value

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