Bitcoin's price has once again fallen below $60,000 and stands at $58,400 at the time of writing. This decline comes after a recent downturn that was challenging for altcoins. Experts suggest that there might be a further decrease in price.
Reasons for Bitcoin Price Decline
The expiration of options can cause significant fluctuations in Bitcoin's price. According to Deribit, options worth over $1.4 billion will expire tomorrow. Considering the max pain point is $60,000, if the price cannot surpass this threshold, sales could deepen to $56,000.
Bitcoin Price Forecast
According to Farside Investors, spot Bitcoin ETFs, which saw net inflows for two days, experienced a net outflow again on August 14, amounting to $81 million. This is related to the lack of excitement from positive macro data. Bitfinex analysts commented on the current situation: >CITE_W_A: 'Positive CPI data is expected to catalyze more inflows. Investors are likely positioning themselves to benefit from the anticipated rate cut and the potential for a broader market rally.' The CPI data came in at 2.9% year-on-year, representing the lowest increase since 2021.
Market Impact
According to Trade Confident researchers, whale movements are warning about a drop to $56,000. With the expiration of options and the weekend’s low volume, Bitcoin's price could experience a downward fluctuation within the next 48 hours. Analysts wrote in their latest assessment: >CITE_NA: 'Based on current market indicators, we are looking at $56,000 for BTC’s next move!' An analyst with the pseudonym Crypto Pump Analytics also pointed to $56,000 in today's analysis. It's important to remember that cryptocurrencies are challenging to predict. Possible surprise news or high-volume purchases could push the price in the opposite direction, as we have seen many times before.
The current market state shows volatility and uncertainty. Investors should stay vigilant and consider all possible scenarios when making decisions.
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