Investing.com – dropped to $63,259 on Monday, shedding 2.64% in the past 24 hours, which follows what analysts describe as technical overbought conditions in the market.
Bitcoin’s recent decline is part of a broader correction that started after the cryptocurrency hit the resistance trendline of its descending channel pattern. The price has dropped over 5% from this resistance level, with further declines potentially bringing BTC to support levels around $63,000 or lower.
Despite the dip, the original cryptocurrency is on track for its best September in years, rising by at least 7% month-to-date. Historically, September has been a challenging month for Bitcoin, which has posted losses in eight of the past 11 years. However, the recent gains put Bitcoin in a strong position going into October, which has historically seen average gains of 23%.
In the wider crypto market, crypto ETFs saw $1.2 billion in inflows last week,…
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