Bitcoin and a handful of altcoins were down around 7%-10% over the last 24 hours. Here are several factors:
1. Several macro data is being released this week and had investors spooked. Particularly, there is a declining probability of US interest rate cuts this month, and rumors of possible rate hike considerations
2. Over the last 24 hours, 115,804 traders were liquidated for a whopping $387.91m.
3. US Spot BTC ETFs saw an outflow of $161m yesterday
4. Hong Kongโs Bitcoin and Ether ETFs failed to meet expectations
5. RSI divergence indicators suggest a bearish trend, as it was in the "overbought" area during the US BTC ETFs launch
6. More BTC miners approach shutdown levels amid price drop below $57,000
It is important to note that during the 2015-2017 bull market, over 13 different 20% pullbacks occured. Price swings are quite normal and sometimes good for the markets.
