Blockchain has made a killing again. Today, we can witness history again.

Today's Bitcoin market experienced a wave of fluctuations, with prices briefly falling below a key support level, causing some anxiety for everyone.

However, the market quickly rebounded and the price of Bitcoin rose again.

The market is currently in a low volatility phase, which generally leads to a significant rise or fall in the next period.

It is worth noting that some large investors are buying large amounts of Bitcoin at low prices, which may indicate that there will be good news in the future.

Overall, people are quite confident in the long-term prospects of Bitcoin, especially in the case of possible interest rate cuts by the Federal Reserve.

⬇️ Factors contributing to the significant drop in the price of Bitcoin:

Market Sentiment and Macroeconomic Factors:
The global market's heightened expectations of future interest rate hikes by the Fed have led to a deterioration in investor sentiment towards risk assets. Higher Intrerest Rates often imply lower market liquidity, which puts pressure on cryptocurrencies such as encryption currencies.

🧬Large-scale sell-off:
There are reports that some major holders (such as SpaceX) may have sold large amounts of Bitcoin, which has raised concerns and led to selling in the market.

According to reports, the German government is also gradually selling its holdings of Bitcoin, which further exacerbates the downward pressure on the market.

Leveraged Trading Liquidation:
Due to the price drop, a large number of bitcoin long positions were liquidated. This situation triggered a chain reaction, forcing more holders to sell, thereby exacerbating the price drop.

🧬Mt. Gox Repayment Event:
It is expected that a batch of bitcoins after the bankruptcy of Mt. Gox will be returned to creditors, which has raised concerns in the market about a large-scale bitcoin sell-off, leading to expected selling behavior.

Today, the price of Bitcoin took a roller coaster ride, although it was a bit thrilling, there are still some optimistic signs overall.

#BTC Bitcoin #大饼 blockchain