The Sharp Fall in Bitcoin Shook the Market! What is the Reason for the Fall in BTC? Will the Fall Continue? Analyst Said “Yes” and Warned!

Leading cryptocurrency Bitcoin and altcoins have experienced a sharp decline in the last 24 hours. BTC While it fell below $60,000 with a decrease of up to 6%, altcoins also experienced double-digit declines.

at this point Ethereum (ETH) dropped by a massive 8.4% to $2,467, falling below the top 10 cryptocurrencies Solana (SOL) Down 7.4% to $147.5; Dogecoin (DOGE) fell 6.5% to $0.099.

There is No Single Reason for the Fall! Bitcoin May Continue to Fall!

While there is much speculation about the reasons for the decline, analysts believe that Bitcoin’s recent decline is due to multiple factors.

Speaking to The Block, BTC Markets analyst Rachael Lucas said that Bitcoin’s drop below $59,000 was due to multiple reasons rather than a single reason.

At this point Lucas is falling US Dollar Index (DXY) He noted that the stock was oversold due to multiple factors, including portfolio adjustments and seasonal effects such as the “September Effect” that have historically affected market performance.

“There is no single reason for today’s decline in crypto markets, but it appears to be a combination of factors.

Technical indicators show that the US Dollar Index (DXY) is oversold on the daily chart, suggesting a potential recovery in the dollar, which has traditionally led to downward pressure on risky assets like cryptocurrencies.

Apart from this, the “September Effect” has traditionally led to Bitcoin and crypto markets underperforming due to portfolio rebalancing and increased caution ahead of the US elections.

Rachael Lucas recently said that if Bitcoin continues to trade below its 50-day moving average, a key technical level, the price could fall in the near term. warned it could fall to around $56,000.

*This is not investment advice.