Analysis of the reasons for Bitcoin's price drop today and its future trend

Columns：Market analysis author：btczxw time：2024-09-06 16:05:30

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Bitcoin (BTC) prices fell today, sparking widespread concern about future trends. Currently, this week’s U.S. employment data is expected to significantly impact Bitcoin’s short-term price direction.

Global risk markets have been under pressure recently as the risk of a recession has increased. Today, Bitcoin fell 3.30% to around $55,600, setting a new low in a month. Meanwhile, S&P 500 futures also fell 0.4%, reflecting market jitters.

Cryptocurrency traders are keeping an eye on the upcoming jobs report to determine whether the U.S. economy is approaching a recession to guide their investment decisions. In addition, large-scale fund outflows from Bitcoin ETFs further exacerbated market tensions, with daily outflows reaching $287.8 million, the longest since June.

Combined with the latest data, open interest in the Bitcoin futures market also showed a significant decline, indicating that traders are less confident in the short-term price movement. At the same time, the sharp decline in financing rates showed reduced demand for long positions, which further added to market uncertainty.

In terms of technical analysis, Bitcoin is currently in the collapse stage of the rising wedge pattern. If the price breaks through the lower trend line and falls back to around $54,000, it will mean further depreciation; conversely, if it quickly rebounds to above $56,300, it is expected to start a new upward trend.

Regardless of the current situation, we recommend paying attention to important upcoming economic data to make more informed investment decisions.

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