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Reading: Investors Sell Bitcoin as Price Drops Below $68,000
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COINTURK NEWS > Bitcoin (BTC) > Investors Sell Bitcoin as Price Drops Below $68,000
Bitcoin (BTC)

Investors Sell Bitcoin as Price Drops Below $68,000

In Brief

  • Bitcoin's price fell below $68,000 after briefly exceeding $70,000.

  • Investors' risk appetite weakens before every Fed meeting.

  • Sales deepening to $66,000 could trigger larger losses in altcoins.

COINTURK NEWS
COINTURK NEWS 10 months ago
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A few minutes before the US markets opened, Bitcoin‘s price exceeded $70,000 but has now fallen below $68,000. The price dropped rapidly and accelerated its decline about half an hour ago after a brief pause. Despite investors being hopeful due to Trump’s statements and strong volume in the ETF channel, sales were stronger.

Why is Bitcoin Dropping?

There is a classic trend before every Fed meeting. Investors’ risk appetite for BTC and altcoins weakens. Although signals for a discount in September are expected for this meeting, investors are anxious. Another reason for the anxiety is that Mt. Gox still holds $5 billion worth of BTC.

Investors who made significant short-term gains assumed that $70,000 would not be easily surpassed and thus turned to selling. We saw this in the rapid profit-taking during today’s $70,000 test. In the past, those trying to profit from such volatile movements were caught off guard by large upward candles, but BTC has not managed this for weeks.

Sales deepening to $66,000 could trigger larger losses in already struggling altcoins. The safe zone for BTC is $68,200.

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 29 July, 2024 - 6:13 pm 29 July, 2024 - 6:13 pm
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