Bitcoin’s 3% correction upon reaching the $58,000 mark!

On August 7, the price of Bitcoin (BTC) approached the $58,000 level and then corrected by 3%. This decline wiped out all the gains of the previous 24 hours. Various factors, such as the strengthening of the US Dollar Index following the Bank of Japan’s decision not to raise interest rates, the outflow of capital from Bitcoin ETFs, and increased selling pressure in the futures market, played a role in this price drop.

Data from CryptoQuant shows that on August 5, BTC transfers to exchanges reached 93,941 units, indicating intensified selling pressure. From a technical perspective, a bearish flag pattern is clearly visible on the 4-hour chart, reinforcing the likelihood of a continued downward trend. The key support level is at $56,000, and if this level is breached, the price may drop to $44,880.