Bitcoin Price Plunges to 7-Week Low: Exploring Potential for Further Decline

Bitcoin’s price recently plummeted below $109,000, marking its lowest point since July 9th. This significant drop has prompted questions about whether the market is entering a deeper correction or simply experiencing a cooling off period following months of strong growth. Notably, Bitcoin dominance, a measure of Bitcoin’s relative strength compared to other cryptocurrencies, also appears to be declining. Historically, this trend has correlated with increased performance for altcoins. 💰