Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-retreats-while-analysts-assess-market-response-to-nvidias-earnings">Bitcoin Retreats While Analysts Assess Market Response to Nvidia’s Earnings</a><br></p>
<p style="text-align: justify"> <a href="https://en.bitcoinhaber.net/bitcoins-december-rally-prospect-following-historical-patterns">Bitcoin</a>‘s value has recently faced a setback, decreasing to an area around $50,800, while altcoins are also experiencing a downturn after Bitcoin’s price drop. This occurs just as the Federal Reserve’s meeting minutes are about to be made public, and QCP analysts have offered their latest market projections. </p> 
<h2 id="market-jitters-following-bitcoin-s-slip">Market Jitters Following Bitcoin’s Slip</h2> 
<p style="text-align: justify"> Having momentarily reached a new annual peak at $53,000, Bitcoin encountered resistance and succumbed to a decrease to $50,600, sparked by a sell-off. Altcoin holders quickly engaged in panic selling. QCP analysts have noted that Bitcoin’s recent peak and Ethereum’s rise to $3,033 were accompanied by a significant surge in altcoin funding rates, suggesting speculative activity. They caution that maintaining such funding levels is challenging, hinting at a potential pullback following the robust surge. The analysts also pointed to today’s Nvidia earnings release as a potential catalyst for a broader market correction, as its outcome could influence the S&amp;P500 Index and, subsequently, crypto prices. </p> 
<h2 id="indicators-suggesting-a-bearish-turn">Indicators Suggesting a Bearish Turn</h2> 
<p style="text-align: justify"> The previous week’s sharp increase in cryptocurrency values was driven by substantial daily volumes in spot Bitcoin ETFs, with excitement fueled by billion-dollar net inflows leading to price increases. However, the current volumes are significantly lower, prompting sellers to capitalize on the $53,000 level. Experts believe that a rebalancing of ETF volumes could trigger a market correction. Should the impending Fed minutes reveal negative surprises and net inflows remain subdued, Bitcoin could witness a correction towards $38,500, with the $48,800 level being crucial.</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-retreats-while-analysts-assess-market-response-to-nvidias-earnings">Bitcoin Retreats While Analysts Assess Market Response to Nvidia’s Earnings</a></h5>

Bitcoin Retreats While Analysts Assess Market Response to Nvidia’s Earnings

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