#bitcoin #crypto
📉 Bitcoin fell to a 21-month low: the main thing
The crypto market is storming. The price of $BTC fell to its lowest level since September 2024 - $ 57,742. The main digital asset has already lost more than 50% of its October record (~ $ 126,000).
🔍 Why is the market falling?
➡️ Hawks from the US Fed: New Fed Chairman Kevin Warsh and other officials hint at further rate hikes. Investors are fleeing risky assets to where there is a guaranteed income.
➡️ Record outflow from ETFs: In June, more than $ 4 billion was withdrawn from US Bitcoin ETFs - a record for their two-year existence.
➡️ Change of strategy Strategy Inc. (Michael Saylor): The largest corporate holder of BTC has changed its focus. Now the company has the right to sell bitcoins for balance sheet management, which has deprived the market of a guaranteed regular buyer.
📊 What does technical analysis say?
Bitcoin has fallen below its 200-week moving average. The last time this happened was 3 years ago. In technical analysis, this is a classic signal of the beginning of a long-term "bear" market.
📉 Bitcoin fell to a 21-month low: the main thing
The crypto market is storming. The price of $BTC fell to its lowest level since September 2024 - $ 57,742. The main digital asset has already lost more than 50% of its October record (~ $ 126,000).
🔍 Why is the market falling?
➡️ Hawks from the US Fed: New Fed Chairman Kevin Warsh and other officials hint at further rate hikes. Investors are fleeing risky assets to where there is a guaranteed income.
➡️ Record outflow from ETFs: In June, more than $ 4 billion was withdrawn from US Bitcoin ETFs - a record for their two-year existence.
➡️ Change of strategy Strategy Inc. (Michael Saylor): The largest corporate holder of BTC has changed its focus. Now the company has the right to sell bitcoins for balance sheet management, which has deprived the market of a guaranteed regular buyer.
📊 What does technical analysis say?
Bitcoin has fallen below its 200-week moving average. The last time this happened was 3 years ago. In technical analysis, this is a classic signal of the beginning of a long-term "bear" market.