Bitcoin

Last week, Bitcoin (BTC) closed on a bearish note after falling below the key support level of $56,500 to $61,466. Despite forming a possible bullish pattern, rising panic has increased market fear.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/7f76e393a43148ad90380da56f32abde.svg&#43;xml" />On Monday morning, Bitcoin was trading around $55,422, and the fear and greed index dropped to 28, indicating growing fear. For the first time since last October, Bitcoin has consistently closed below the 200-day Moving Average (MA) over the past five days.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7187699028c442cdbed9ad0f167a2ffe.png" /><h3 id="bitcoin-faces-bearish-sentiment-amid-selling-pressure">Bitcoin Faces Bearish Sentiment Amid Selling Pressure</h3>Bitcoin has been under <a href="https://cryptosheadlines.com/solanas-price-faces-bearish-pressure-could-130-be-the-next-support-level/" rel="noopener noreferrer nofollow">bearish pressure</a> in recent weeks, driven by increased selling from whales. The <a href="https://cryptosheadlines.com/german-government-sells-700-btc-stopping-bitcoins-rebound/" rel="noopener noreferrer nofollow">German government has also been actively selling its Bitcoin</a> holdings, amounting to over $85 million on Sunday alone, despite earlier reports of a potential buyback.In the US, <a href="https://cryptosheadlines.com/galaxy-expects-74-btc-surge-in-first-year-of-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">spot Bitcoin ETFs have seen subdued demand as BTC</a> miners ramp up selling to cover operational expenses.Looking ahead, the cryptocurrency industry is eagerly awaiting economic guidance from the US <a href="https://cryptosheadlines.com/first-time-in-years-federal-reserve-raises-fed-funds-rate-above-5/" rel="noopener noreferrer nofollow">Federal Reserve</a> later this week. Speculation around a potential US interest rate cut later this year, influenced by the upcoming general election, could potentially bolster a bullish sentiment in the crypto market.Additionally, major stock indexes have recently maintained a bullish outlook, adding to market optimism.<h3 id="bitcoin-s-bullish-flag-and-future-dominance-predictions">Bitcoin’s Bullish Flag and Future Dominance Predictions</h3><a href="https://cryptosheadlines.com/bullish-bitcoin-flag-signals-77000-ath-analyst/" rel="noopener noreferrer nofollow">Bitcoin has been forming a weekly bullish flag</a> over the past four months, suggesting the potential for a new all-time high later this year. According to popular crypto <a href="https://cryptosheadlines.com/analyst-benjamin-cowen-revises-23000-bitcoin-btc-prediction/" rel="noopener noreferrer nofollow">analyst Benjamin Cowen</a>, reclaiming the 200-day Simple Moving Average (SMA) as a support level is crucial for Bitcoin’s chances of a bullish recovery in the fourth quarter.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7187699028c442cdbed9ad0f167a2ffe.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/019b544efaa34613a82c893062a9196c.png" />Source: <a href="https://x.com/intocryptoverse/status/1810016076870119503" rel="noopener noreferrer nofollow">X</a>Cowen also predicts that Bitcoin’s dominance will continue to rise towards 60 percent in the coming months. He anticipates a reversal next year, which could set the stage for the much-anticipated altseason.<a href="https://cryptosheadlines.com/bitcoin-jumps-5-can-bulls-regain-control/" rel="noopener noreferrer nofollow">Also Read: Bitcoin Jumps 5%: Can Bulls Regain Control?</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/887319c360d047beade9cdc0510bb10e.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bitcoin Price Drops Due to Whale Selling and Market Trends

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