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The world’s largest crypto Bitcoin (BTC) took a dip under $26,000 levels in a sharp 9% fall as SpaceX dumps its $373 million worth of Bitcoin holdings. Bitcoin’s fall has also dragged the broader crypto market downwards by 7% eroding $70 billion of investors’ wealth over the past 24 hours.
As of press time, the Bitcoin (BTC) price is trading 7.83% down at $26,394 with a market cap of $513 billion. For long-term investors, this could be a good opportunity to fill their bags. Popular crypto investor Ali Martinez explained that the Bitcoin RSI has hit 9.43 levels on the 4-hour chart. The last time the BTC price touched these RSI levels, it registered a strong bounce back.
#Bitcoin | I just bought the $BTC dip! The last two times the RSI hit 9.73 on the 4-hour chart, it presented the perfect entry. I believe it could be the same now! pic.twitter.com/UauQMYRhkU
— Ali (@ali_charts) August 17, 2023
The Bitcoin outlook is undoubtedly bearish as of now and there could be a further price correction. However, a staggered buying approach at every dip could be a good opportunity to make the most of the correction.
But Many investors are asking about what’s next from here onwards. As the Bitcoin price breaks away from the volatility squeeze, we can expect some more going ahead.
I won't make any decision on #Bitcoin until Monday. What happens 90% of the time is a relief rally that causes FOMO and longs pile up. People get excited thinking it's coming back then we nuke once more. Then the pain and shorts come, people actually bearish. Then the hated rally pic.twitter.com/TPiu0M0SFt
— IncomeSharks (@IncomeSharks) August 17, 2023
Bitcoin Buy The Dips Calls on the Rise
On-chain data shows that the recent Bitcoin price correction has shot up the number of calls for buying the dips. As per on-chain data provider Santiment, the Bitcoin ‘Buy the dip’ calls hit their four-month high on Thursday, August 17.
Following a week of downward trends in altcoins, Bitcoin experienced its own significant decline, leading to a broad decline across the entire crypto market. While prices are showing a modest rebound, this dip prompted a surge in calls for #buythedip, reaching the highest level since April, notes Santiment.
The Santiment data also shows that whales have been quite active on the recent dump. The aftermath of the recent price plummet in crypto markets is still far from settled, marking one of the most significant drops in 2023. A notable surge in $1M+ $BTC transactions suggests that whales are actively involved during this decline. However, the number of large wallets doesn’t appear to be decreasing, notes Santiment.
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