As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to navigate through these volatile waters with cautious optimism. Today’s price surge of Bitcoin above $58K is a breath of fresh air, but it’s also a reminder that this market can turn on a dime. The drop earlier today felt like déjà vu, but thankfully, the bulls seemed to have woken up and are now erasing much of the gains.
Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.
Earlier today, according to CryptoPotato’s report, the market experienced a decline of approximately $100 billion in its total value due to a drop in Bitcoin’s price to around $56,000, marking a new monthly low
Almost all alternative cryptocurrencies mirrored this trend, significantly dropping in value and moving into the negative market zone. Ethereum dipped to approximately $2,400, and the bearish sentiment among BNB investors managed to drive its price towards around $510
Luckily, the bulls have become active again, effectively reducing the previous gains. Currently, Bitcoin is valued at around $58,400, with most of the losses incurred during the earlier dip already reversed
According to data from Coinglass, the market’s volatility over the last day has led to approximately $200 million being wiped out through liquidations
Some experts suggest that the recent drop might have been a clever ploy aimed at tricking sellers into thinking the decline could continue, offering them more opportunities to profit
Bitcoin is back above 58k.
Today’s drop may have been a bear trap.
— Duo Nine YCC (@DU09BTC) September 4, 2024
Simultaneously, findings from IntoTheBlock suggest a considerable number of investors have purchased within the price range of $61,700 to $70,500, yet these buyers find themselves in a losing position at present
As suggested by analysts from the data company, when many traders find themselves in a losing position, no matter the price range, Bitcoin tends to experience persistent selling pressure as its price nears those levels
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2024-09-04 20:19