The past week has been extremely challenging for Bitcoin; prices fluctuated widely between $62,000 and $53,800. This correction created great volatility in the market, especially affecting Ethereum and other cryptocurrencies significantly.

Analysts interpreted this correction as significant selling pressure, attributing it to the start of Mt.Gox payments and BTC transfers from the German and US governments. During this week, Bitcoin experienced a significant price correction, fluctuating between $62,000 and $53,800. This correction stands out as one of the largest pullbacks in the current bull cycle, which has been running since November 2022. Increased volatility, affecting not only Bitcoin but also major altcoins such as Ethereum, attracted attention.

There were various triggers for this decline, especially payments resulting from the Mt.Gox deal and large BTC transfers from the German and US governments created major selling pressure. These events coincided with the period when the fear and greed index fell from 80% to 29%, marking a sharp change in market sentiment.

While Bitcoin's tough struggle continues, Ethereum suffered greater losses, losing approximately 18% in value last week. The turbulence did not end there; The altcoin market painted a complex picture, with some coins suffering serious losses while others gained high momentum in the chaos.

According to CoinMarketCap data, major altcoins showed a wide range of performance. Among the top 100 altcoins, a few made significant gains while most experienced major declines. This clearly reveals that the crypto market responds heterogeneously to external pressures.

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I EXPLAIN IN DETAIL.

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