While the current Bitcoin correction remains in line with historical price corrections, BTC is at risk of falling to $50,000 after losing the average ETF inflow mark at $59,000.
While the current correction remains in line with historical price corrections, Bitcoin could briefly fall to the $50,000 mark after losing the average ETF inflow mark of $59,000.) price is down around 21% from its all-time high. But while this remains in line with previous bull market corrections, Bitcoin could still fall to the $50,000 mark in the near term, based on historic patterns.Bitcoin price fell over 12% on the weekly chart to $57,780 as of 1:10 p.m. in UTC, which is 21.
“This current retrace is officially the deepest , recently eclipsing the -22.9% retrace from early 2023… Bitcoin has already eclipsed the deepest retrace in the cycle and is 13 days away from equalling the longest retrace in this cycle as well.”Similar corrections have occurred during previous Bitcoin rallies.
Losing the $59,000 mark could lead to Bitcoin revisiting the $50,000 mark, according to Jag Kooner, head of derivatives at Bitfinex. He told Cointelegraph: “While price predictions are not appropriate based on these, the STH-RP is a crucial support level for BTC to hold and on losing it, or the average ETF buyer cost basis, there is a high likelihood that there is a cascade down to low $50,000s…”
Over $750 million worth of cumulative leveraged long positions would be liquidated across all exchanges if Bitcoin's price fell below $60,000, according toThe debut of the Hong Kong ETFs generated lower-than-expected trading volumes due to the difficult macroeconomic conditions, according to James Wo, the founder and CEO of DFG."These ETFs were launched in different market conditions. U.S. ETFs were launched earlier this year when the market was pricing in around six rate cuts in 2024.
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