{"id":121509,"date":"2024-11-03T07:50:45","date_gmt":"2024-11-03T00:50:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=121509"},"modified":"2024-11-03T07:50:45","modified_gmt":"2024-11-03T00:50:45","slug":"expert-analyst-reveals-why-the-bitcoin-price-crashed-from-73000-to-69000","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=121509","title":{"rendered":"Expert Analyst Reveals Why The Bitcoin Price Crashed From $73,000 To $69,000"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<div class=\"article-translation\">\n\t\t\t<a href=\"https:\/\/www.newsbtc.com\/es\/news\/analyst-reveals-why-bitcoin-price-crashed-from-73000-to-69000\/\" class=\"article-translation__link\"><br \/>\n\t\t\t\tEste art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol.<br \/>\n\t\t\t<\/a>\n\t\t<\/div>\n<p><span style=\"font-weight: 400\">November began with an unexpected downturn in the crypto market as Bitcoin, which had gone on a bull run in the last week of October, rapidly lost its momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The highly anticipated \u201cMoonvember\u201d kicked off with an unexpected crash, plummeting <\/span><a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/bitcoin-consolidates-near-ath-volume-suggests-a-big-move-ahead\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">from $73,000 on October 31<\/span><\/a><span style=\"font-weight: 400\"> to $69,000 on November 1 to essentially wipe out <\/span><a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/bitcoin-price-correction-triggers-296-million-in-liquidations-can-btc-still-hit-ath\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">$296 million in liquidations<\/span><\/a><span style=\"font-weight: 400\">, with the majority of them being long positions. Despite the bulls <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-market-sentiment-enters-extreme-greed-zone\/\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400\">managing to steady a Bitcoin price support<\/span><\/a><span style=\"font-weight: 400\"> at $69,000, the rapid downturn stirred questions among many crypto traders.<\/span><\/p>\n<p><h2 class=\"jeg_block_title\"><span>Related Reading<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400\">According to crypto expert Ash Crypto on social media platform X, this quick crash in the Bitcoin price can be attributed to four major factors.\u00a0<\/span><\/p>\n<h2><b>Key Reasons Behind Bitcoin\u2019s Price Drop<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to Ash Crypto, the recent Bitcoin price isn\u2019t a straightforward result of crypto-specific events but rather a reflection of the <\/span><a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/bitcoin-price-correction-triggers-296-million-in-liquidations-can-btc-still-hit-ath\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">broader economic landscape<\/span><\/a><span style=\"font-weight: 400\">. As he noted, there are currently multiple reports suggesting that Iran may be planning a military action against Israel from Iraqi territory. The potential escalation of conflict in the region seemed to have created uncertainty among Bitcoin investors, and many might have opted to exit from the markets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAs we all know, war is bad for Bitcoin and crypto,\u201d <\/span><span style=\"font-weight: 400\">the analyst <\/span><a href=\"https:\/\/x.com\/Ashcryptoreal\/status\/1852298713227485622\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400\">said<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Aside from the brewing conflict, Ash Crypto also highlighted the recent earnings reports from tech giants as another factor in the Bitcoin price crash. Major tech companies like Microsoft and Meta recently posted earnings reports that, despite beating expectations, showed rising AI-related costs. This led to a downturn in many other tech stocks, which spilled over to other financial markets, including the crypto industry.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another factor Ash Crypto highlighted is the recent climb in US Treasury\u2019s bond yields, specifically the 10-year note, which is now trading above 4.3%. Higher yields make government bonds a more attractive alternative, making investors less likely to invest in more volatile assets like cryptocurrencies.\u00a0\u00a0<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/BGwlY5Zu\/\" width=\"1835\" height=\"883\" loading=\"lazy\"\/><figcaption class=\"wp-caption-text\">Bitcoin is now trading at $69,604. Chart:: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Lastly, the latest Core Personal Consumption Expenditures (PCE) reading increased slightly above 2.7%. Ash Crypto noted that this rise in core inflation could push the Federal Reserve toward a more hawkish stance. This could lead to the Fed adopting higher interest rates or delaying rate cuts. Both scenarios could dampen demand for Bitcoin, which thrives in low interest rates, as shown by the September 18 interest rate cut.<\/span><\/p>\n<h2><b>Looking Ahead: What\u2019s Next For Bitcoin?<\/b><b\/><\/h2>\n<p><span style=\"font-weight: 400\">Like <\/span><a href=\"https:\/\/www.newsbtc.com\/bitcoin-news\/tracking-bitcoin-profit-cycles-could-a-new-market-high-be-near\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">many other crypto analysts,<\/span><\/a><span style=\"font-weight: 400\"> Ash Crypto remains confident that Bitcoin\u2019s latest dip is only temporary. He drew parallels to <\/span><a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/bitcoin-starts-october-red\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">October\u2019s initial market dip<\/span><\/a><span style=\"font-weight: 400\">, while anticipating that November, or \u201cMoonvember,\u201d <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bound-for-100000-as-bitwise-cio-claims-it-doesnt-need-washington-to-succeed\/\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400\">will follow a similar trajectory<\/span><\/a><span style=\"font-weight: 400\">. Interestingly, the analyst believes Bitcoin still has the momentum and market interest needed to push past $80,000 before the end of November.<\/span><\/p>\n<p><h2 class=\"jeg_block_title\"><span>Related Reading<\/span><\/h2>\n<\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at $69,678 and is up by 4% in the past 24 hours.<\/span><\/p>\n<p><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/news\/analyst-reveals-why-bitcoin-price-crashed-from-73000-to-69000\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. November began with an unexpected downturn in the crypto market as Bitcoin, which had gone on a bull run in the last week &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=121509\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-121509","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=121509"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121509\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}