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The price of Bitcoin (BTC) experienced a sudden fall in the early hours of today and reached the $60,000 range. Although the price has now increased slightly and is approaching the $65,000 level, the market is flooded with blood.
Analysts call the current situation a perfect storm: liquidation of 2.67 billion dollars in 24 hours, withdrawal of more than 800 million dollars of liquidity from investment funds and the fear and greed index reaching the number 5. Analyst Rachel Lucas also says: “Traders are no longer trying to catch the falling knife and have prioritized capital preservation.”
If the selling pressure continues, the next price target will be $55,000. If demand grows and bulls return to the market, Bitcoin may correct to $75,000; However, the overall trend is still downward.
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