Sharp correction in the cryptocurrency market: Dips ahead of 2024, could it be an opportunity to buy?

Crypto prices, which could not continue their rise in the past weeks, were in negative territory today. The market, which opened with a sharp decline on Monday, December 11, is waiting for important events such as US inflation data and the Federal Reserve's 2023 policy meeting this week. These developments could further strain bold speculation about potential rate cuts.

Developments and declines awaiting the crypto market this week

Inflation data, which plays a very important role in cryptocurrency prices, will be released this week. The Consumer Price Index (CPI) and Producer Price Index (PPI) data, which are scheduled to be published on the weekend, and the interest rate hike plans that will develop accordingly, will shape the future stance of the central bank. These highly anticipated data are important criteria that will determine the direction of the investor in the cryptocurrency market. Market observers, in particular, attribute the recent market volatility to the analysis of these key inflation figures.

Accordingly, earlier in the day, the crypto market was shaken by a massive sell-off. The global crypto market cap fell 5% to $1.57 trillion. Bitcoin price fell about 7.5 percent to 40,521. The leading digital asset, which experienced a slight recovery in the following hours, is trading at $42,152 as of press time. This decline represents a liquidation of around $300 million and indicates that there will be more selling pressure on small-cap altcoins.

Altcoins were also affected by this decline and experienced high sales. Leading altcoins such as Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), DOGE and SHIB experienced a drop of between 2% and 6% in a matter of minutes. Meanwhile, the Crypto Fear & Greed Index dropped from 82 (extreme greed) to 80.

Fear & Greed index## Why is the cryptocurrency market experiencing a correction?

The sudden decline after the rapid rise in the markets was not found surprising by the traders, and on the contrary, it was stated that a correction was expected in the cryptocurrency market. Popular Bitcoin analyst Willy Woo said that a correction following the rise in the BTC price is not that surprising. Corrections and pullbacks are crucial to confirm further rallies, especially during extreme greed and major macro events.

Analysts, who expect a correction before a potential rally, also say that the $39.7K Bitcoin CME Gap needs to be filled. Therefore, it is quite likely that the price of BTC will fall further.

What is the CME Bitcoin Gap?

The CME Gap refers to the price difference between the last trading day of the week and the opening time. Data from CoinGlass shows that today, Dec. 11, there was a massive liquidation of over $400 million. This gap between Bitcoin futures; It is between 40,325 and 39,640 and the gap needs to be filled, and according to market rules, this gap will be filled 100 percent.

Bitcoin CME futuresMeanwhile, a long position of $354 was liquidated in the market in just one hour. More than 119k traders have been liquidated in the last 24 hours, and as a result of closed positions and selling, the cryptocurrency market has remained in the 'red' today. The release of CME and PPI inflation data forced the investor to withdraw. However, the U.S. Federal Reserve is expected to announce its year-end interest rate decision, further encouraging investors to liquidate their holdings.

Is the fall in Bitcoin and Ethereum prices an opportunity to buy?

Bitcoin and Ethereum prices could witness further pullbacks on US time as traders and whales consider another entry near support levels. Cryptocurrency analyst Credible Crypto believes that the BTC price could reach $60K in the coming weeks. On the other hand, analyst Tony Sycamore predicts that declines towards the $40,000 to $37,500 range for BTC will find strong support from buyers looking to capitalize on the decline.


Meanwhile, the ETH is aiming for its price to reach $3500. ETH price is trading at $2243, down 5 percent in the last 24 hours. The 24-hour lows and highs are $2,171 and $2,376, respectively.

An alternative investment choice despite market declines: Bitcoin Minetrix

In a tumultuous week, investors are opting for Bitcoin Minetrix as an alternative token. This token, which enables participation in decentralized BTC mining, offers green solutions that depend on the latest technology. The token, which was offered to buyers for as little as $0.011 when it was first launched, is now selling for $0.012 and has the BTCMTX token, allowing ordinary people to participate in BTC mining because it does not require expertise. This cloud mining platform is a profitable and safe choice, making it a good investment choice despite falling market conditions. Also, buying Bitcoin Minetrix is quite easy. In addition to ETH and USDT payment options, it can be purchased with a card.

Visit Bitcoin Minetrix

#BitcoinMinetrix represents a cutting-edge cloud mining solution, enabling participation in decentralized $BTC mining.

With its focus on eradicating risks associated with fraudulent third-party cloud mining, it grants users full autonomy over their mining activities. 🔒✨ pic.twitter.com/VTlrHmmXNN

— Bitcoinminetrix (@bitcoinminetrix) December 11, 2023

By eliminating the risks of third-party mining scams, BTCMTX allows the investor to earn passive income. The token, which has now completed the 12th stage, announced that it has raised $5,155,000 in savings since it started presales, and the token is expected to grow even more in the coming period.

Visit Bitcoin Minetrix