The post If Bitcoin Drops Below $60,000 Again, this Under $1 Crypto AI Could Protect Your Portfolio appeared on BitcoinEthereumNews.com.

Bitcoin’s volatility raises concerns on a possible $60,000 drop. RCO Finance (RCOF) offers a crypto AI investment alternative to hedge against potential drops. The value of Bitcoin (BTC) has been oscillating for a while now, failing the stability test in the crypto market. Consequently, despite the recent Bitcoin price resurgence, one topic of possibility that every investor is avoiding is the possibility of another drop to below $60,000 before Q4. Some savvy investors are discussing the potential market correction, reigniting the age-old debate of “hedging risks.” While Bitcoin remains dominant, the risk of significant losses looms, and a popular hedging alternative is upcoming under the $1 crypto AI token, RCO Finance (RCOF). The Looming Correction: Will Bitcoin Dip Below $60,000? Bitcoin’s price has slipped by over 3.7% in just three days after hitting a 12-week high of $69,487 on October 21. The drop surprised many traders, triggering fears of a deeper correction ahead. With open interest (OI) on Bitcoin futures hitting a record high of $40 billion, the market appears leveraged and ripe for volatility. Past market trends reveal that high OI often coincides with sudden price drops, as in August when Bitcoin fell by nearly 20% in two days. On-chain data from CryptoQuant indicates that 92% of Bitcoin holders are now profitable, which historically signals an overheated market. If prices drop below the $60,000 support, profit-taking could trigger a broader sell-off, further driving Bitcoin down. Moreover, the Crypto Fear & Greed Index is 72, indicating “greed”—a signal that typically precedes market corrections. Combined with an overbought RSI reading, the warning signs are mounting. With these indicators flashing red, the potential for a sharp Bitcoin correction is becoming increasingly likely, making alternative investments like RCO Finance (RCOF) an appealing hedge. Crypto AI Meets DeFi: Why Investors Are Eyeing RCO Finance…

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Filed under: News - @ October 26, 2024 2:14 am