The post Bitcoin Rout Worsens – Brave New Coin appeared on BitcoinEthereumNews.com.

Bitcoin continued it’s no good, very bad week, plunging below $60,000, hitting a low of $57,640 on sunday. The market sell-off is now into its fourth day, with bullish futures bets losing nearly $200 million in the past 36 hours. Bitcoin has plunged below the critical $60,000 support level as of August 4, amid a broader market downturn. This week saw Bitcoin subjected to heavy selling, influenced by a 6% drop in Japan’s Nikkei index on August 2, and compounded by a disappointing U.S. jobs report for July. Source: BNC Bitcoin Liquid Index (BLX) Bitcoin’s sharp decline happened after initially surging to $70,000, a three-month peak. The excitement was short-lived, however, as days later the cryptocurrency fell to a new low of $57,640, perplexing traders who had anticipated a post-halving bull run. Despite the recent downturn, Bitcoin continues to fluctuate within a broad trading range. Predicting the next directional move remains challenging, but Bitcoin ‘whales’ (holders of large quantities of Bitcoin) appear optimistic. In July alone, addresses with over 1,000 Bitcoin accumulated an extra 84,000 Bitcoin, while exchanges saw a significant withdrawal of 64,000 Bitcoin, the most substantial since 2015, as reported by Glassnode. The decline in Bitcoin’s value has also dragged down altcoins, with many investors opting to wait on the sidelines. However, as Bitcoin approaches the lower end of its range, there is potential for buying activity to increase. Source: Trading View Since August 1, alongside downturns in the U.S. stock market—which have been affected by rising unemployment claims and a decline in manufacturing—Bitcoin’s price has fallen by 10%. During this period, Bitcoin ETFs have seen approximately $200 million in withdrawals, likely influenced by heightened recession fears sparked by the latest job market data. Looking ahead, Bitcoin supporters will hold onto hope that the Federal Reserve’s anticipated interest…

---

Filed under: News - @ August 4, 2024 10:20 pm