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☎️ BITCOIN PRICE DECLINE RAISES CONCERN

☎️ BITCOIN PRICE DECLINE RAISES CONCERN

Day: 09 | Time: 20:04:26 The price of Bitcoin has dropped to a concerning level, causing some traders to throw in the towel and declare that the positive trend is over. The declining morale of professional traders is evident from the decrease in the long-to-short metric, suggesting that whales and market makers are hesitant to open bullish positions. Although 25% corrections in the price of Bitcoin are considered normal, some indicators suggest reduced buying interest from retail traders. The recent correction could be attributed to the German government selling over $3 billion worth of seized Bitcoin and the distribution of assets from the Mt. Gox bankruptcy. Additionally, the negative performance of cryptocurrencies is amplified by the fact that the S&P 500 has reached a new all-time high. The decline in Bitcoin seems to be disconnected from traditional financial markets and macroeconomic expectations. The reduction in bullish positions by professional traders reflects their lack of enthusiasm, despite a favorable environment for risk assets. It is still unclear what will reignite Bitcoin's bullish momentum, but restoring trader confidence will likely be necessary. There are no indications that Bitcoin's cycle has reached its peak.

Bitcoin price corrections
Search trends for 'buy bitcoin' term
Bitcoin top traders long-to-short indicator, 12-hour. Source: Coinglass

Source: Cointelegraph