After today’s rise, the BTC price fell below $59,000 again and is lingering around $58,900. The rise seen at the opening of Asian markets was viewed as a delayed reaction to the increase in stock prices. However, it is now losing value again, and this situation could be painful for altcoins.
Why Is Bitcoin Falling?
After the opening of the US markets, Bitcoin turned downward with the decline in stock prices. The SP500 fell by 0.2% and the Dow Jones by 0.1%. However, simultaneously, the DXY continues its weakness at the 101 level. The BTC decline might be influenced by those taking advantage of short-selling opportunities at higher levels alongside the weak loss in stock prices.
BTC is rising, and short positions are starting to accumulate again above $60,000. After the attempt at $61,400, investors are once again worried about a decline, and fear is dominant at this point, repeating the movement of the last few months. As a result, despite being in an upward trend, the bears have won again.
This situation could continue for a few more weeks with the dampening of risk appetite trying to recover, along with the current discouraging atmosphere. For now, the heavy profit-taking and fear selling on the spot side have pulled BTC down to $58,800. Unlike BTC, gold is still above $2,550 and positive.
