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#打榜优质内容 BTC price diving, the four major reasons are clear at one time!
In the last 24 hours, the price of bitcoin suddenly plummeted by 4%, and the entire cryptocurrency market shook with it, and the market capitalization suddenly lost $99 billion! Now that the global cryptocurrency market is around $2.89 trillion, why is this happening?
1 U.S. policy is confusing, and Bitcoin's future is uncertain
It all started with President Trump, who mentioned the possibility of building up America's own Bitcoin reserves. As soon as these words came out, the price of bitcoin rose to $92,000. But the good times did not last long, and the policies behind were not clear, like a basin of cold water poured down, extinguishing the enthusiasm of the market. Investors began to mumble in their hearts, the policy is so uncertain, can Bitcoin still work in the future? Expert Peter Schiff also said that this uncertainty is not good for the long-term development of bitcoin. Now the market is having a headache about how to deal with the trouble caused by this policy.
2 ETF funds have run away, and market sentiment has changed dramatically
At the same time, bitcoin spot ETFs also suffered, with a total outflow of $134.3 million, which is the exact opposite of the previous day's inflows. ETFs such as BlackRock, Grayscale, and Franklin Templeton have all been hit hard. With the withdrawal of institutional investors, the market sentiment immediately changed, and the selling pressure was great. This not only shows that everyone's confidence in bitcoin is low, but also indicates that the market wind is about to change.
3 The tide of liquidation is coming, and market volatility is intensifying
To make matters worse, the market has also suffered a wave of liquidations of $531 million in the last 24 hours, and long traders have lost a lot of money, losing a total of $398.3 million. The long positions were cleared, the selling pressure increased, and the price of Bitcoin was like a roller coaster, all the way down. The ripple effect of this liquidation has made the market more volatile, and investors feel that the uncertainty is too great.
4 The key support level is fiercely contested, and the future of Bitcoin is uncertain
In the midst of this turmoil, bitcoin is holding on to the key level of $89,041. This position is so important that once it is broken, the price of bitcoin may continue to fall to $85,000 or even lower. But if it can hold and turn to a new support level, then the road ahead for Bitcoin may be easier. With such a volatile market, these key positions become particularly important, and they will determine the future direction of Bitcoin.