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Bitcoin Correction: Traders Unfazed by Market Shift

Crypto traders brush off concerns as Bitcoin has experienced a 20% decline in the last three months. They see it as a routine part of the market cycle.

Raoul Pal, CEO of Real Vision, calls it “pretty ordinary stuff,” noting it’s the fourth such correction in 12 months. Similar sen

Bitcoin price decline chart with recovery signals - last three months.
Source: Coinbackyard

Despite a 6% drop in the last 24 hours, Bitcoin hovers around $59,730. A brief dip to $59,097 triggered a liquidation of $96.5 million in long positions.

Rekt Capital suggests Bitcoin may be nearing its bottom, while Collective Shift’s CEO Ben Simpson sees a ‘lull period’ post-halving but remains optimistic.

Gally Sama points to bullish signals, like the cup-and-handle pattern forming on Bitcoin’s chart. Other cryptocurrencies like Ether, Solana, and Dogecoin also see declines.

Coinbase’s integration of Lightning Network for Bitcoin transactions fails to boost investor confidence, as the Fear and Greed Index drops to a three-month low of 54, signaling a shift from greed to neutrality.

May 1, 2024 at 10:34 am

Updated May 1, 2024 at 10:34 am

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