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Neela
@neela
Why is Bitcoin price down today? Bitcoin’s price has dropped over 6.5% to around $69,200 after nearing its 2024 high, possibly due to a decline in Donald Trump’s election odds, as many view Bitcoin as a “Trump hedge.” The fall also follows a correction from overbought levels indicated by its RSI, suggesting the recent rally may have overheated. Bitcoin is now back within an ascending channel, resembling a bearish “rising wedge” pattern that may signal further downside. Analysts warn a breakdown below this range could lead to a correction toward $55,500–$58,000 in the coming months.
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