$BTC
I believe we are running out of time. The expected growth will occur in the fourth quarter.
We are currently at support and we may see a pullback starting tonight and continuing through the weekend. If we don't, the decline may intensify further.
Over 89,500 Traders Were Liquidated. But What Caused This Drop?
1) ETF outflow
Bitcoin ETFs see highest outflows since August 6
2) Geopolitical tensions
The war in Russia has escalated again, and the situation between Israel and Palestine has not yet calmed down.
3) Market trends
The cryptocurrency market fell after hitting a major resistance area around $64,000.
4) Pavel Durov incident
Recent issues involving Pavel Durov have also contributed to a drop in the price of Bitcoin.
5) Binance blocks Palestinian fund
Binance’s decision to freeze Palestinian funds further shook market confidence.
What’s next for $BTC? 📉 or 📈
» After Bitcoin broke through its main support at $60,000 and fell to the $58,100 level, it is still a needle. No problem, the market will recover on Thursday-Friday. Otherwise, if he fills the needle and continues, it will become painful.
Experiencing a decline like this gives us a clearer view of the market and can create more trades.
As we are at weekly support, holding these levels plays an important role and the key area is currently around $60,000 to $59,800. If we lose this area, the downtrend is likely to continue.
If there is a 4-hour close below 58847, we need to look for confirmation of a pullback at the support level of 55060-50549
Over the next few weeks, you need to watch if the price forms a higher low or drops below $49,000
Here's Why September Trends Matter
» Historically, August and September tend to be bearish months for Bitcoin, but October tends to change sentiment.
This dip could be a good buying opportunity before the next quarter starts.
I will continue to invest in spot and diversify my portfolio.
You can make money with futures, but you can get rich with spot trading.
