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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike
Bitcoin (BTC)

Bitcoin Experiences Significant Drop After Japan’s Interest Rate Hike

In Brief

  • Bitcoin fell below $50,000 after Japan's interest rate hike.

  • Bitcoin's market structure formed a new lower-low pattern.

  • Major investors' buying levels are lower than current prices.

COINTURK NEWS
COINTURK NEWS 9 months ago
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Bitcoin, Japan’s Central Bank announced an increase in the interest rate from 0% to 0.25%, causing Bitcoin to fall below $50,000. This decision directly affected the US stock market as investors borrowed Japanese Yen at low-interest rates to purchase assets in the US market. This paradigm shift directly impacted risk assets as Bitcoin experienced further corrections.

Contents
What is Happening on the Bitcoin Front?Bitcoin Chart Analysis

What is Happening on the Bitcoin Front?

Bitcoin witnessed a third lower high (LH3) on July 29, briefly touching $70,000. This specific pattern signaled a strong downward trend each time in 2024, and Bitcoin has since fallen by 25% from LH3. Previously observed lower highs in April and June 2024 led to significant corrections of 23% and 26%, respectively.

Bitcoin’s sudden crash caught everyone off guard. The BTC/USD pair failed to maintain previous support levels at $60,000 and $57,000, eventually falling below $50,000. As Bitcoin’s market structure formed a new lower-low pattern, CryptoQuant contributor Axel Adler Jr. explained that Bitcoin’s price fell below the medium-risk lower limit of 9% of active investors’ average purchase price for the fifth time, targeting $48,000 as a support level.

Additionally, Capriole Fund founder Charles Edwards believes Bitcoin should start pulling back at its current range of around $52,000. However, if Bitcoin cannot hold above $50,000, its next significant support is around $44,000. The low $40,000 levels served as a consolidation range from December 2023 to February 2024.

Bitcoin Chart Analysis

While popular advocates suggest Bitcoin should rise at $48,000 or $44,000, Intotheblock data shows that major investors’ buying levels are even lower.

Currently, approximately 6.39 million addresses hold 2.38 million Bitcoin at an average price of $42,446. Retesting $42,446 would mean an additional 18% correction from the current market value. This could certainly lead to more panic and significantly affect buyer confidence.

From a technical perspective, a bid range between $44,000 and $48,000 seems logical because a weekly order block formation exists in this range, combined with two other indicators. Therefore, the chance of Bitcoin price retesting the weekly 100-exponential moving average in this range is high, and the 0.5 Fibonacci line is at the same level of $44,672.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 5 August, 2024 - 4:17 pm 5 August, 2024 - 4:17 pm
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