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Why Bitcoin is down today: Market overconfidence triggers crash

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Bitcoin experiences a correction as bullish sentiment rises, ETFs see inflows, and bearish patterns emerge.

Bitcoin sentiment spikes with ETF inflows, but analysts warn of a bearish head and shoulders pattern.

Santiment noted that the market has historically moved against crowd expectations, signaling a potential continuation of this correction.Santiment’s analysis from last Friday indicated growing confidence among Bitcoin traders, following a 22% price surge over the past three weeks. These institutional inflows come as market participants await the U.S. Securities and Exchange Commission’s decision on pending applications for spot Bitcoin ETFs.

 

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