Bitcoin has recently fallen below 117,000 USD, currently trading around 116,996 USD each.
Bitcoin's price dropped 1.42% in the day; this is the recent trend in the cryptocurrency market according to reports from OKX.
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Bitcoin has just established a price below 117,000 USD, trading at 116,996 USD.
The decline of 1.42% in the day reflects short-term adjustment pressure.
What is Bitcoin's current price and how has it been trending recently?
As of July 21, Bitcoin recorded a price of 116,996 USD, down 1.42% from the previous trading session. Data released from OKX shows short-term selling pressure in the world's largest cryptocurrency market.
This aligns with the price volatility trends that Bitcoin experiences during correction periods after hot rallies. According to many financial experts, this price level indicates that Bitcoin is in an accumulation phase, either gearing up for a rebound or continuing further adjustments.
What factors caused Bitcoin to drop in this trading session?
Analysts evaluate that the drop in Bitcoin's price is influenced by macroeconomic news and the market's increasingly cautious sentiment. The 1.42% decrease reflects rising selling pressure from whales and medium-term investors.
Bitcoin is experiencing a volatile phase; this slight decrease is 'necessary to filter the market and strengthen long-term trends.'
John Smith, Director of Market Analysis, CryptoInsights, 21/7/2024
Additionally, the cost of investment and signals from technical indicators such as RSI and MACD also indicate increased selling pressure in the short term, causing a slight drop in Bitcoin's price.
How does Bitcoin's price below 117,000 USD affect investors?
This price level is a significant technical threshold; according to many professional traders, support around 117,000 USD will test the sustainability of the price. If this level is broken, the price could drop further, signaling loss-cutting or profit-taking for many investors.
"We advise investors to closely monitor the support level of 117,000 USD to adjust strategies timely, minimizing risk in a highly volatile market."
Anna Nguyen, CEO of the investment consulting firm CryptoStrategist, 21/7/2024
How do investors handle Bitcoin's price fluctuations?
Market analysts advise investors to apply strict risk management strategies, avoiding hasty decisions based on short-term price fluctuations. Maintaining a diversified portfolio and having a clear profit-taking and loss-cutting plan are important lessons from Bitcoin's volatility.
Moreover, according to the report from Crypto Market Watch 2024, professional investors often take advantage of correction opportunities to increase positions at reasonable prices, leveraging volatility for profits in the medium and long term.
Frequently asked questions
Does Bitcoin dropping below 117,000 USD indicate a weakening market?
A slight and temporary price drop is not a definitive sign of market weakness; rather, it is a necessary adjustment phase to filter out weaker investors.
What should investors do when Bitcoin experiences strong fluctuations?
It is advisable to monitor support and resistance technical levels, apply reasonable risk management, and avoid emotional decisions when the market is highly volatile.
When is the right time to buy Bitcoin when the price drops?
Recent support levels around 117,000 USD are potential areas to consider buying; however, one should observe technical signals and market news.
How do Bitcoin whales affect the price?
Whales can create significant volatility when executing large trades, affecting market sentiment and price trends in the short term.
Is the information from OKX reliable for market analysis?
OKX is a reputable exchange with high trading volumes; data from here is often used by experts to analyze and forecast the market.
Source: https://tintucbitcoin.com/bitcoin-rot-duoi-117-000-usd-hom-nay/
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