Bitcoin falls below $63,000; Dogecoin, Chainlink drop up to 4%

cryptocurrency market has recently experienced notable fluctuations, with Bitcoin falling below the $63,000 mark. This decline is indicative of the inherent volatility that characterizes digital currencies. Bitcoin, often regarded as a bellwether for the entire cryptocurrency ecosystem, serves as a critical reference point for investors and traders alike. Its recent dip may raise concerns regarding market stability and investor confidence in an asset class that has garnered significant attention over the past few years.

Dogecoin, initially created as a meme-based currency, has seen its value fluctuate dramatically in response to broader market trends and social media influence. Chainlink, on the other hand, operates within the decentralized finance (DeFi) space by providing reliable data feeds to smart contracts; its performance is equally susceptible to shifts in overall market sentiment.

The largest digital asset shed more than 6% at one point, the steepest slide since the Aug. 5 plunge, before retracing some of the weakness to change hands at $59,375 as of 6:17 a.m. on Wednesday in London. Ether at one point lost more than 7% before paring a part of the wobble to trade at about $2,478.

Crypto markets moved down sharply, triggering a leverage driven liquidation,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “The move appears to have been kicked off by a material drop by Ethereum, which has been struggling all year versus bitcoin.”

"Bitcoin has breached its 200-day EMA and Fibonacci retracement levels. Should the price hold above $62,280 and reach $65,596, a rally towards $70,079 may be possible. Conversely, a drop below $58,783 could challenge the current bullish trend," said Sathvik Vishwanath, Co-Founder and CEO of Unocoin. The CoinDCX Research Team noted, "Bitcoin has dropped below $63,000 after previously reaching above $65,000. While the short-term outlook appears bearish, the longer-term trend for Bitcoin and ..

Bitcoin has climbed 42% this year, an advance that took it to an all-time peak of $73,798 in March. A subsequent prolonged spell below that level has begun to cast some doubt on whether the rally has legs left.

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Sarah H

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