News View Non-AMP

Top Reasons Why the Bitcoin Price is Crashing Today

Published by
Elena R

Bitcoin’s (BTC) price closed in July with a dragonfly Doji candlestick after the bulls were rejected at around $70k. Bitcoin’s poor performance in the past two weeks has increased the fear of a further crypto correction in August. Furthermore, Bitcoin’s fear and greed index has dropped from 74 percent, greed, to around 52 percent, neutral, in the past two days.

The altcoin sector followed Bitcoin’s decline, with the total crypto market losing over 3 percent, settling at about $2.41 trillion during the early Asian session on Thursday. This drop led to nearly $200 million being liquidated from the crypto-leveraged market, mainly affecting long traders.

Why Did Bitcoin Turn Bearish?

FOMC Data

Bitcoin led the entire cryptocurrency market into bearish territory, influenced by important economic data released on Wednesday.

Federal Reserve Chairman Jerome Powell noted that although US inflation has eased over the past year, it remains high. As a result, the Federal Reserve kept its benchmark interest rate at 5.50 percent. Powell suggested that a rate cut might be possible in September if inflation continues to drop.

Spot BTC ETFs Outflows

Additionally, Fidelity’s FBTC saw net cash outflows of about $31 million on Wednesday, followed by ARKB with roughly $4.6 million. Meanwhile, Grayscale transferred $1.8 billion from GBTC to its Mini Bitcoin Trust via Coinbase Prime.

Technical Analysis: Bitcoin’s Bearish Patterns

Bitcoin price has been forming a falling trend in the past few months after experiencing heavy resistance around $70k. The flagship coin is about to confirm a daily reversal pattern after forming a double top coupled with bearish divergence on the Relative Strength Index (RSI)

If Bitcoin’s price continues to fall in the coming weeks, it could drop to as low as $48k if the support range between $60k and $62k fails to hold.

Also Read : Top Altcoins To Stack For The Upcoming Crypto Bull Run!

Only time will tell if the bulls can regain control. Till then, brace for volatility.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin, Ethereum, XRP Price Prediction for Next Week (28th July – 2nd Aug 2025)

The crypto market continues to gain traction, adding 0.76% to reach a $3.89 trillion market…

July 27, 2025

Crypto News Today: Bitcoin Eyes $132K After Holding Above $118K

Bitcoin is holding steady above $118,000 despite the recent ups and downs in the market.…

July 27, 2025

Can XRP Price Hit Four Digits in 2025?

Could XRP really reach $1,000? While this may sound far-fetched to many, Jake Claver, director…

July 27, 2025

XRP, Sui, and Pudgy Penguins Set to Hit New All-Time Highs Next Week: Top Altcoins to Watch

The crypto market is starting to go more mainstream, especially after the new GENIUS Act…

July 27, 2025

Crypto Regulations in the USA 2025

The US crypto regulation has changed dramatically in 2025, with the Trump administration adopting a…

July 26, 2025

Algorand Price Prediction 2025, 2026 – 2030: Will ALGO Price Hit $1?

Story Highlights The live price of the Algorand is Price predictions suggest ALGO could reach…

July 26, 2025