Bitcoin Drops to New Lows, Sparking Waves of Market Volatility
Main Idea
Bitcoin (BTC) has experienced a significant price drop from its historic peak, with analysts highlighting key support levels and miner selling pressure as contributing factors to the market volatility.
Key Points
1. Bitcoin (BTC) dropped from its historic peak of $123,000 in mid-July to around $113,000, marking its lowest level in three weeks.
2. Analyst Ali Martinez notes a deepening sell-off, exacerbated by the liquidation of leveraged positions worth $983 million, with a critical support zone between $105,000 and $107,000.
3. Bitcoin's price struggled to stay within the $117,000 to $120,000 range since July 31, eventually falling to $112,000 on August 2.
4. Miners contributed to selling pressure by offloading 3,000 BTC within two weeks, aligning with liquidity exits visible on the blockchain.
5. Experts anticipate further volatility with the opening of US and European markets on August 4, with potential market-moving announcements from US President Donald Trump.
Description
Bitcoin fell from a $123,000 peak to $113,000 recently. Analyst highlights the importance of $105,000-$107,000 support zone. Continue Reading: Bitcoin Drops to New Lows, Sparking Waves of Market Volatility The post Bitcoin Drops to New Lows, Sparking Waves of Market Volatility appeared first on COINTURK NEWS .
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