Bitcoin ($BTC) is experiencing a notable decline in terms of market performance, while nearing October. Hence, the recent price trajectory shows a striking drop below the $112K mark amid the wider bearish momentum. In line with the latest market statistics, the sheer price drop of Bitcoin ($BTC) has raised the buy-dip calls among investors. Nonetheless, whether this slump paves the way for the next leg up remains to be seen in the near term.
Bitcoin Plunges Below $112K Amid Growing Buy-Dip Signals
The leading crypto coin has dropped below the $112K spot, plunging as low as $107,000, which is very unlike the normal price fluctuations. The respective dip has raised concerns among the institutional and retail investors alike, apart from triggering buy-dip calls across the market. Hence, the seasoned inventors consider the current price correction of Bitcoin ($BTC) as a crucial buying opportunity.
At the moment, the top crypto token is changing hands at $112,266.16, indicating a 0.38% price decrease over the past twenty-four hours. Apart from that, the market capitalization of Bitcoin ($BTC) is now sitting at $2.23T after a 0.46% drop. Simultaneously, with a 26.52% decrease, the 24-hour volume of the crypto exchange accounts for $49.57B.
Powell’s Speech Drives Bearish Market Momentum as $BTC, $ETH, $XRP, and $DOGE Feel Impact
In line with the exclusive reports, the speech delivered by Jerome Powell, the Chairman of the U.S. Federal Reserve, has served as a major catalyst. Powell has expressed a cautionary note, driving a pullback across the financial markets, including stocks and crypto assets. As a result of this, Ethereum ($ETH), Ripple ($XRP), and Dogecoin ($DOGE) have also recorded considerable decline.
Keeping this in view, while Bitcoin and other crypto assets are lying low amid the increased market uncertainty, the market analysts predict a rebound. In this respect, the long-term $BTC traders are leveraging this opportunity to buy the dip and prepare for the potential upswing. Even then, whether this shakeout further deepens or leads to a bull rally is yet to be witnessed over the next days.
