The crypto market turned bearish again over the past few days, with significant Bitcoin price dips and altcoin volatility.
Current Bitcoin Price Drop
Bitcoin started its downward movement on August 30, struggling to stay at $60K. Investors' expectations for a bullish turn were unmet as BTC traded at $58K on September 1, recording a 1.30% decline in the last 24 hours. In the early Asian hours of September 2, Bitcoin’s price hit a weekly low of $57,128 and is currently trading at $57,720.
Impact on the Market
The Bitcoin price drop has also led to price dips in other altcoins like Ethereum and Solana over the past few days. The overall crypto market cap has seen a 1.87% decline in the last 24 hours. Concurrently, the US spot Bitcoin ETFs have shown substantial outflows. According to Sosovalue, daily net outflows of spot Bitcoin ETFs were $175.67 million as of August 30.
Short-Term Outlook Analysis
According to TradingView reports, Bitcoin's short-term 9-day MA has crossed below the long-term 21-day MA at $59,795. BTC’s RSI stands at 41.72, indicating a prevailing selling sentiment among investors. Meanwhile, LookOnChain reports that a whale bought 1K BTC in the last few hours. However, WhaleAlert reports indicate that several whales have been dumping Bitcoin on leading exchanges.
Recent events in the crypto market show continued volatility and uncertainty. Despite some large-scale purchases, the overall sentiment remains bearish.
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