Bitcoin Price Falls Below $100,000, Losses
Bitcoin (BTC) has continued its decline this week, with the crypto giant losing more than 8% in value over the past 48 hours. This decline confirmed a bearish pattern that could lead to further losses if selling pressure continues.
However, the final outcome depends on how investors react as Bitcoin hovers near key psychological levels.
Bitcoin Holders Have an Opportunity
Current market sentiment for Bitcoin continues to become increasingly negative. On-chain data shows that the total volume of loss-making transactions has reached a nine-month high. Over 235,850 Bitcoins, worth approximately $24 billion, were lost in the past 24 hours, reflecting widespread panic selling among investors.
Bitcoin's massive losses indicate a decline in investor confidence and growing fear in the market. If this trend continues, it could accelerate Bitcoin's decline, eroding capital, and cause further losses in the broader crypto market.
From a macro perspective, Bitcoin's MVRV ratio—a key profitability metric—has entered the "opportunity zone" for the first time since March. This ratio, which currently ranges between 6% and 17%, typically signals a market bottom, indicating that selling activity has reached saturation.
If market participants begin to view Bitcoin's current price as a valuable buying opportunity, this development could signal a turning point. However, broader macroeconomic sentiment and investor behavior over the next few days will be crucial in determining whether Bitcoin will stabilize or continue its decline.
BTC Price Stable
At the time of this writing, Bitcoin is trading at $101,729, slightly above the crucial $100,000 support level. Previously, BTC fell below this level, setting an intraday low of $98,966, before rebounding slightly.
The recent 8% drop confirmed a head-and-shoulders pattern, indicating a potential downside of 13.6% with a target of $89,948. However, if investors begin buying at lower levels, Bitcoin could bounce back from $100,000 and retest $105,000 or above.
Conversely, continued selling pressure and weak market conditions could push Bitcoin below $100,000. A close below $98,000 could send it plummeting to $95,000 or below, ending any hopes of a short-term recovery.
Read the original article: Bitcoin Price Below $100,000, Losses Hit 9-Month High, Author: Aryaman Srivastava, at beincrypto.com
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