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#BTC Drop Below $114K – Is the bullish trend over, or is it a buying opportunity?
Bitcoin is currently trading at around $114,662.
Although there has been a small increase of 0.6% in the last 24 hours, the overall trend in the last week has been downward.
Since reaching the peak of $123,000 at the end of July, there has been a pullback of around 7%.
So what is behind this decline?
– Profit Realization: A natural technical correction is occurring following the historic rise in July.
– Macro Uncertainty: US labor data and interest rate expectations are impacting the crypto markets.
– ETF Outflows: Some institutional investors have started to act cautiously.
– Institutional Purchases: Nevertheless, large players like MicroStrategy continue to buy; this creates strong support at the bottom levels.
Critical Levels:
• Support: $112,000
• Resistance: $116,800 – $118,000
The question that needs to be asked at this point is:
Is this just a correction, or the beginning of a deeper pullback?
Share your thoughts in the comments!
#Bitcoin #CryptoNews #MarketAnalysis