BTC in the last few days of this week have witness a further drop in the world's first decentralized cryptocurrency.
Even though it momentary raise above $73,143.00, it still stays below $74,000 as seen in the below chart a moment ago thereby beating the Fibonacci Retracement Level of $78,239.
Key factors affecting this drops include amongst others are ETF Outflow which Talk Markets reveals that significant capital is leaving the U.S. spot Bitcoin ETFs with about $2.8 billion existing recently.
On-Chain Capitulation Signal is another factor where NewsBTC reveals that the supply in loss metric surged to -44%, a level which is historically associated with early bear market phases, indicating widespread unrealize losses.
Technical Oversold Conditions is a mixed impact that also affects the drop in price. This means that Bitcoin is deeply oversold in multiple time frame indicating a potential for a short term technical bounce. As this persists, the Fibonacci Retracement Level of 78.6% at ~$78,238 is broken thereby opening up the path towards the witness drops near $72,897.
With the situation at hand, the question is, can btc hold above the $72,897 drop in the next 24hours?
Well let's keep our fingers crossed as we watch to see how events unfold around the the world's first decentralized cryptocurrency.
Meanwhile, other assets plays along the btc price as seen below
Thanks for stopping by my blog, do have a wonderful evening and cryptocurrency experience.
#crypto #leofinance #cent #ctp #pob #vyb #archon #aliveandthriving
