Bitcoin Drop Down Below $117K Amid Inflation and Whale Sell-Offs
Bitcoin price drop plenty as BTC fall below $117K, dey trade at $115,968 for Binance USDT. The Bitcoin price drop na because macroeconomic wahala—high inflation, fear say central bank go increase rate—plus regulatory gbege, big whale sell-off and breaking key $116K support. Altcoins waka follow BTC go down, trading volume rise, and leveraged position cause liquidations wey affect many traders because risk no dey. Short-term traders fit use stop-loss order, think about short position or buy the dip, meanwhile long-term holders fit do dollar-cost averaging and keep de assets safe for cold storage. Market people go dey watch support and resistance levels, coming macro data, regulatory update, ETF inflow and 2024 halving for recovery sign. Discipline for risk management still important for this market wey dey shake.
Bearish
Di unified news show say di price of Bitcoin don sharply drop under key support levels, dis na cause by macroeconomic pressure dem, regulatory wahala plus big big whale dem dey sell. For short time, dis bearish trend fit make di price continue to drop as traders go dey trigger their stop-loss and liquidation dem, wey go make market volatility more serious. But if you look history, similar correction dem provide good chance to buy, meaning say long-term holders wey dey use dollar-cost averaging fit benefit from lower entrance price. Even so, di immediate market impact still bearish as di feeling tight and technical indicators dey show say di price go down.