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Bitcoin Drops Below $110,000: Analyst Insights

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by Giorgi Kostiuk

2 days ago

The cryptocurrency market experienced a significant shift as Bitcoin slipped below $110,000. Analysts warn of potential further declines amid negative signals.

Bitcoin Decline and Its Implications

The cryptocurrency market faced a significant downturn as Bitcoin fell below $110,000. Negative investor sentiment and weak technical signals suggest possible deeper losses. Analysts from Bitfinex predict Bitcoin could drop to $93,000.

BTC is on the brink of losing a key level that could see prices plunge to $93,000 before a stronger final quarter.Bitfinex Analysts

Outflows from U.S. Bitcoin ETFs

Institutional Bitcoin ETFs in the U.S. experienced significant outflows totaling $751 million in August. The drop under key support levels indicates added market strain. Stocks of major BTC holders like MicroStrategy and MetaPlanet have sharply declined.

September Historical Bitcoin Performance

Historically, September has seen nine negative Bitcoin performances over the last 14 years, averaging a 12% loss. Experts suggest that a potential Q4 rally might align with previous September patterns. According to FxPro, continued downward trends could lead BTC to around $105,000.

The broader capitalization chart continues to record a series of lower lows, signaling a downward trend… Bitcoin’s failure to hold $112,000 warns of further decline toward the $105,000 area.Alex Kuptsikevich, Chief Market Analyst, FxPro

The current dynamics surrounding Bitcoin and the September trading results highlight the need for caution among investors and the potential for market recovery by year-end.

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