Summary of the general situation for Bitcoin #bitcoin
- Significant decline: Bitcoin fell $BTC from its all-time high of $109,590 to $77,041, representing a 29.7% correction.
- Weak institutional demand: The decline in institutional buyers was not enough to offset selling pressure.
Details:
- Price correction: Last week, exchange-traded funds recorded outflows of $921.40 million, indicating weak institutional demand.
- Selling pressure: Short-term investors are facing unrealized losses, increasing the likelihood of panic selling.
- Institutional demand: Market stability depends on the return of demand from long-term investors. Their return may indicate a new accumulation phase.
- Economic situation: The U.S. economy is suffering from declining consumer confidence, with inflation down but risks of price increases due to supply chain disruptions.
- U.S. Dollar Index (DXY): Despite its decline, the Bitcoin market has not reacted yet, while gold has achieved a new all-time high.
Conclusion:
- Bitcoin outlook $BTC : Linked to the return of confidence among institutional investors and the stability of the economic environment.
- Economic pressures: Could drive prices up in the coming months.
- Inflation expectations: Sharply increased, adding to economic uncertainty.
My personal opinion:
The wisest step is to be patient until the markets regain their strength. The crypto market has the potential to recover and is a safe haven for investors and major countries. It will not fade easily; it is at the beginning of regaining strength and growth.
Note: The market is awaiting the interest rate decision, which will significantly impact price movements.
