Why Is Bitcoin Price Down Today? Key Reasons Explained

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Why Is Bitcoin Price Down Today? Key Reasons Explained - NewsBTC

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Macro-wise, however, September is typically a month of consolidation,” Rekt Capital analyzed.#3: Low Bitcoin Sentiment Ali Martinez, by analyzing exchange-related on-chain data, pinpointed a sustained decline in investor interest and network utilization.

"The Exchange Volume Momentum indicator shows a sustained drop in exchange-related on-chain activity, which usually points to lower investor interest in Bitcoin and decreased network usage,” Martinez stated, suggesting that the enthusiasm for using Bitcoin has cooled somewhat, potentially affecting its price negatively.

However, I reckon the sticker shock of a terrible NFP is a higher probability risk off move, starting in Nas.” #2: Bitcoin Seasonality Rekt Capital, another crypto analyst, provided insights into the seasonal patterns affecting Bitcoin.