The post Why is Bitcoin Price Down Today? Is a Major Correction Imminent? appeared first on Coinpedia Fintech News
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 industry followed the same bearish path, with the total crypto market down over 3 percent to hover about $2.41 trillion on Thursday during the early Asian session. As a result, nearly $200 million was liquidated from the crypto-leveraged industry, mostly involving long traders.
Top Reasons Bitcoin Price Turned Bearish
FOMC Data
Bitcoin led the entire cryptocurrency market in a bearish outlook following high-impact economic data on Wednesday.
Notably, Federal Reserve Chairman Jerome P
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