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22 hours ago
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BEARISH 📉 : Bitcoin falls below $73,000 amid prolonged bear market concerns

The leading cryptocurrency, Bitcoin (BTC), fell to its lowest price since November 2024, dropping below $73,000 to around $72,900. This decline reflects ongoing concerns about a prolonged bear market impacting investor sentiment.

  • BTC is down approximately 4% over the past 24 hours and about 15% over the last seven days.
  • Other cryptocurrencies are also under pressure: Ethereum (ETH) decreased by 25% and XRP by 17% in the past week.

Market Outlook

  • Augustine Fan from SignalPlus noted extremely low trader confidence, contributing to the sell-off. Volatility has increased as traders hedge positions.
  • Alex Thorn from Galaxy Digital suggested that BTC's price could continue to decline, with the 200-week moving average around $58,000 being a potential target.
  • A supply gap between $70,000 and $80,000 may increase short-term volatility.

Bearish Trends

  • Market analyst DarkFost observed extreme funding rates on Binance, indicating a buildup of short positions and bearish sentiment among traders.
  • Despite recent lows, BTC briefly recovered above $75,000, with resistance around $74,000 and support near $69,000.

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