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Bitcoin (BTC) exerts significant influence on the rest of the crypto market, and its current bearish slump is taking its toll on top altcoins. The general sentiment on Bitcoin is undecided, but smart money traders are already bearish. The general greed counters their bearish sentiments to buy the dip in BTC from other investors. Bitcoin is headed for huge market volatility ahead, but one of the latest Ethereum launches is looking to stay afloat despite the new bearish market.  Expect more on the mysterious token soon. Bitcoin’s Price Is Falling Drastically The US Department of Labor announced an increase in jobs in May, and the news caused a cascade of events, most of which ended in a mass sell-off by token investors all over the crypto market. The event affected Bitcoin and the top altcoins, as the BTC price is currently on an 11% weekly decline. But there’s more to the token dump than just the sell-off. Bitcoin’s price movements cause several tokens to rise or fall, so weekly declines for BTC reflect a poor market. JPMorgan pinned the bearish Bitcoin on the recycled BTC tokens calculated together with the actual new inflows. Indeed, you would expect Bitcoin to undergo a price correction phase, during which its price will come down to its actual level. We don’t know for sure, but if that’s correct, the Bitcoin price could be headed to $45,000. Bitcoin’s Dip vs New Ethereum Token, RCOF Bitcoin has yet to recover from last week’s labour reports, and inflation data, along with the updated monetary policy from the Federal Reserve, have worsened the situation.  Bitcoin’s price has held consistently against bearish pressure, but the lack of confidence that could follow any more price dumps could send the top crypto to even worse support levels. While Bitcoin is expected…

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Filed under: News - @ June 19, 2024 1:14 pm