Balu
@balu90007
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Why Did BTC Drop $5K in a Day? Unpacking the Reasons Behind the Crash
Today, Bitcoin's price took a sharp dive, falling 5%, marking the first such drop since late August. The current rate has slipped below $93,000, even after BTC nearly touched the coveted $100,000 milestone. So, what happened?
The main culprit seems to be an overbought market. Indicators are showing that Bitcoin is overheated, with traders over-leveraging heavily. The high profit and loss (P/L) ratio played a role too: it seems long-term holders have started cashing out, which triggered more selling pressure.
Additionally, the fear and greed index reached a new peak, which often signals upcoming drops. 🚨 In short, too much enthusiasm, not enough caution. Some analysts believe Bitcoin might dip to $90,000 or even $85,000 before things stabilize.
Still, many remain optimistic — altcoins might still have some surprises in store. 😏
What do you think, will Bitcoin rebound soon? Or are we in for a long "sideways" ride? ⬇️ 0 reply
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