Why is the Bitcoin Price Down Today? Find Out Here!
2024-11-27
Bittime - Bitcoin price down in the last 4 days, plummeting to $91,564. This declined to influence almost all top altcoins.
After several failures to break the psychological level of $100,000, many investors decided to sell their Bitcoin before the price fell further. This causes huge selling pressure.
Bitcoin Price Down, The Impact of Donald Trump's Policies
Bitcoin prices fell not only triggered by profit taking. External factors such as the policies of President-elect Donald Trump are also involved in influencing the market.
Trump announced plans to implement new tariffs via a post on Truth Social. This policy raises concerns about the potential for a trade war which could increase volatility in global financial markets, including the crypto market.
Even though Trump appointed Scott Bessent, a pro-crypto hedge fund manager, the market still showed a negative reaction. Major stock indices such as the S&P 500 and NASDAQ fell before finally recovering.
Bitcoin Price Down, Market Adjustment Signals
One other indicator indicating selling pressure is outflows from Bitcoin ETFs. On November 25, there was a withdrawal of 3,310 BTC, which is equivalent to $309 million.
This activity shows that investors are taking advantage of this moment to realize profits, especially after Bitcoin's long rally in recent months.
According to Petr Kozyakov, CEO of Mercuryo, this fall in Bitcoin prices will not stop the crypto market euphoria. Instead, he sees the potential for increased FOMO ahead of the holiday season, which could trigger Bitcoin to break through the $100,000 level.
Bitcoin Price Down, Balance to Continue Bullish Trend
Even though Bitcoin prices are falling, several indicators show that the market is still in a long-term bullish trend.
The market value to realized value (MVRV) ratio that increased last week reflects that many investors are holding Bitcoin at a profit. This prompted a sell-off, but also a signal of further price increases.
Additionally, capital flows into the crypto market continue to increase. In the last 30 days to November 25, total capital flows reached $99.5 billion, with Bitcoin and Ethereum dominating.
Bitcoin Price Falls, Price Correction is Natural
Bitcoin price drop is currently considered a healthy correction by analysts. These trends are often necessary to reduce excessive speculation and prepare the market for the next rally.
Some analysts believe that Bitcoin still has great potential to reach the $100,000 level in the near future, especially with the support of pro-crypto policies from the incoming Trump administration.
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Bitcoin FAQ
What are Bitcoins?
Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity until now no one knows.
How many Rupiah is 1 BTC?
Currently, 1 BTC is worth IDR 1,494,381,825 based on the Bittime market.
1 BTC How much is USD?
Currently, 1 BTC is worth $93,598.91 according to Coinmarketcap.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.
Reference
Gary McFarlane, Why The Bitcoin Price Falling 8% In 4 Days Means We Could Break $100,000 Sooner Than You Think, accessed November 27, 2024.
Benzinga, Why The Bitcoin Price Falling 8% In 4 Days Means We Could Break $100,000 Sooner Than You Think, accessed November 27, 2024.
Author: IPR
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
