Here’s Why The Bitcoin Price Saw Sharp Crash Below $67,000

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It isn’t unusual for traders to wait on the sidelines until after the elections to gain certainty about the market outlook under the new President.  Other Factors Contributing To The Price Crash Analyst Justin Bennett cited the "open interest (OI) being at July highs, whales trimming longs and the last week’s perp-driven rally” as other factors contributing to the Bitcoin price crash.

The S&P 500 and Dow index dropped from their record highs on October 21 ahead of earnings reports.  Related Reading: Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect The stock market drop and the Bitcoin price crash are believed to be driven by uncertainty in the macro environment.

He remarked that it would have been a "calamity” if the markets didn’t derisk ahead of time and continued to pump into election night.  Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are About To Get Interesting’ Bennett made this statement while noting why he had anticipated a pullback for Bitcoin and other crypto assets.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: BTC news BTCUSDT Btcusd Bitcoin price Btc Bitcoin Bitcoin news Bitcoin Btc price

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-22 @ 15:00:26 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 442 words

Reading Time: 3 minutes read

Sentences: 65 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23203382

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