BTC Dips Below $67,000 as Market Sentiment Shifts

IconCryptoNewsTerminal Staff29 Jul, 2024

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BTC Dips Below $67,000 as Market Sentiment Shifts

According to data from Coinnis, Bitcoin (BTC) has shed its grip on the $67,000 level, a significant psychological barrier it had been holding onto. As of this writing, BTC is exchanging hands at $66,993.99 on the Binance USDT market. This latest dip comes amidst a broader shift in market sentiment, with some analysts cautioning that the recent rally may have been overextended. On-chain metrics, such as the Puell Multiple, suggest that miners may be preparing to sell their BTC holdings, which could put further downward pressure on the price. It remains to be seen whether BTC can regain its footing and reclaim the $67,000 level. However, the recent price action serves as a reminder that the cryptocurrency market is highly volatile and subject to rapid fluctuations.

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