Bitcoin (BTC) Drops Below $64K After Reclaiming $66.5K, Awaits New ATH

On September 27, bitcoin (BTC) reclaimed a trading price of $66,500 for the first time since late July. This surge was accompanied by bullish

Bitcoin (BTC) price hit a trading range high of $66,500 on September 27 for the first time since late July, sparking bullish sentiments from many investors. However, instead of continuing its rally, BTC has dropped below the $64,000 level at press time.

According to blockchain market intelligence platform Santiment, this price movement could be linked to the collective anticipation and commentary among crypto enthusiasts. The platform shares an observation on the matter in a recent tweet.

The chart showcases a rapid surge in positive commentary towards BTC following the asset unlocking a local high of $66,500. Santiment’s research showed that there were 1.8 bullish BTC posts for every 1 bearish. Most of these bullish comments leaned on the possibility of bitcoin reaching the $70,000 price mark.

If you're awaiting Bitcoin's new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd's expectations. pic.twitter.com/ZxDxalgmzb

— Santiment (@santimentfeed) September 29, 2024

However, Santiment believes that BTC could still hit the $70,000 mark if “the crowd slows down their own expectations.” The firm also noted that markets historically move in a direction opposite to the crowd’s expectations. This suggests that the market performance could turn bullish if a majority of crypto participants lean towards a bearish outlook on BTC price movement.

BTC Drops Below $64KAfter a weekend of bullish price performance, BTC has seen a downturn and is currently trading at $63,500. Earlier today, the asset dropped to $63,250, marking its lowest price in the past four days.

While no single factor can be definitively identified as driving bitcoin's sudden price correction, a recent report by CryptoPotato suggests that the upcoming speech by Federal Reserve Chair Jerome Powell may be impacting the asset's price movements.

Earlier this month, the Fed decreased its interest rate to a range of 4.75% to 5%. Later today, Powell is expected to elaborate on the interest rate cut in his speech.

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