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<ul> 
 <li>On Monday, Bitcoin and other cryptocurrencies experienced a drop, accompanied by signs that more traders were realizing profits after the recent rally in digital assets.</li> 
 <li>The largest digital asset, which surged by about 50% in the last two months, sparking calls for a new crypto bull market and ending a calm trading period, fell.</li> 
 <li>Digital assets have benefited from a series of positive factors, including expectations that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF).</li> 
</ul> 
<p><strong>Bitcoin and other cryptocurrencies faced a sharp price drop on Monday: What could this drop mean?</strong></p> 
<h2 id="strong-cryptocurrencies-displayed-weakness-on-monday-strong"><strong>Cryptocurrencies Displayed Weakness on Monday</strong></h2> 
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126541" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Bitcoin-BTC" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-43.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>On Monday, Bitcoin and other cryptocurrencies experienced a drop, accompanied by signs that more traders were realizing profits after the recent rally in digital assets. While prices could still decline further, cryptocurrencies continue to benefit from multiple factors.</p> 
<p>Bitcoin’s price dropped by 2% in the last 24 hours, falling below $41,000, signaling a retreat to the lowest levels in two weeks and a pullback from the 20-month highs above $44,000. The largest digital asset surged by about 50% in the last two months, sparking calls for a new crypto bull market and ending a calm trading period.</p> 
<p>Anthony Rousseau, President of Brokerage Solutions at TradeStation, stated, ‘Bitcoin’s market structure is continuing strongly with an approximate peak near $45,000. A pause in Bitcoin and defining a new range could be seen as a healthy sign.’ He continued, ‘A perfect storm for a strong 2024 could be forming.’</p> 
<p>Indeed, crypto bulls are still expecting more gains, as competition in the options market suggests a popular bet that Bitcoin will reach $50,000 in the coming weeks.</p> 
<p>Digital assets have benefited from various positive factors, including expectations that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF). Historically tight token supply and a supportive macroeconomic backdrop have also played a role, with Bitcoin rallying in harmony with the Dow Jones Industrial Average and S&amp;P 500 amid hopes that the Federal Reserve will cut interest rates several times next year.</p> 
<h2 id="strong-profit-realization-is-evident-strong"><strong>Profit Realization Is Evident</strong></h2> 
<p>There are signs that some crypto traders are realizing profits, but indicators still show that a significant portion of Bitcoin’s token supply is held by steadfast long-term investors. Analysts at digital asset manager CoinShares noted in a Monday note that digital asset investment products ended an 11-week inflow streak.</p> 
<p>The $16 million small outflow concentrated in Bitcoin products was stated to be ‘more related to profit realization than a sentiment change towards this asset class.’ If profit realization pressure continues, Bitcoin’s technical market foundation appears weakened, and prices become more vulnerable to further declines.</p> 
<p>Alex Kuptsikevich, an analyst at FxPro broker, concluded, ‘We can see that all the rises from the October lows were due to profit-taking. As a result of this scenario, if the market falls below $40,000, there is a possibility of a pullback to the $38,000 zone.’ He added, ‘However, this potentially unpleasant pullback appears to be part of a larger bullish cycle that Bitcoin is currently in.’</p> 
<p>Beyond Bitcoin, the second-largest cryptocurrency, Ether, fell by 4% to $2,130. Smaller tokens or alternative coins were even weaker, with Cardano dropping by 7% and Polygon by 8%. Similarly, meme coins were in the red, with Dogecoin falling by 7% and Shiba Inu losing 9%.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-and-cryptocurrencies-showing-weakness-will-there-be-further-declines/">Bitcoin and Cryptocurrencies Showing Weakness: Will There Be Further Declines?</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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Bitcoin and Cryptocurrencies Showing Weakness: Will There Be Further Declines?

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