WHY IS BITCOIN PRICE DOWN TODAY?

Bitcoin's price is down 2.30% today, trading at $115,571.40. The current downturn is part of a broader market trend, with several factors contributing to the decline .

Key Factors Influencing Bitcoin's Price:

Market Volatility: The cryptocurrency market is experiencing a correction, with Bitcoin's price fluctuating wildly.

Institutional Profit-Taking: Large investors are taking profits, leading to increased selling pressure.

Regulatory Uncertainty: Uncertainty around the Federal Reserve's rate-cut trajectory and potential CPI surprises are adding to market fragility.

Whale Activity: Significant Bitcoin transfers, like the recent 17,000 BTC move by a Satoshi-era whale, can trigger panic selling and liquidations .

Market Sentiment:

The crypto market sentiment is bearish, with traders seeking downside protection amid heightened volatility. The total crypto market capitalization has declined, and Bitcoin's dominance has increased as investors flee riskier altcoin positions for Bitcoin's perceived stability .

Support Levels:

Key support levels to watch for Bitcoin are:

$116,000: A crucial level that, if broken, could trigger broader corrections.

$90,000: A psychological level and potential support zone.

$72,328: A 61.8% Fibonacci retracement level, aligning with May-June highs .#CryptoScamSurge #AmericaAIActionPlan #BTRPreTGE #BTC $BTC