As Bitcoin Dips, Filecoin and Emerging AI Gem Gains Support from Crypto Whales

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Recently, Bitcoin, one of the top crypto coins, has experienced a dip that has made investors and analysts cautious. 

While a decline in value among cryptocurrencies isn’t uncommon given the volatility of the market, this development is a cause for concern because many consider Bitcoin to be a safe-haven asset. 

This means it’s perceived to be a good investment even when there’s economic turmoil because it’s expected to retain or even rise in value during uncertain times. 

This news has also led to a shift, with the crypto community considering alternative currencies - like Filecoin ($FIL) and the emerging AI low-cap gem, InQubeta ($QUBE) - for their investments. 

These tokens are currently thriving and gaining significant traction in the crypto market.

Bitcoin has recently experienced a downturn, with its price falling below the $26,000 mark on September 8. This decline wiped out most of the gains made just hours before. 

Several factors are contributing to this dip, including profit-taking and long liquidations where traders are forced to sell their Bitcoin collateral to recover borrowed amounts. 

This action intensifies the market's selling pressure.

Another factor affecting Bitcoin's price is market uncertainty. Traders are still deciding due to delays in approving a spot Bitcoin exchange-traded fund (ETF) and looming decisions about Federal Reserve interest rates.

This uncertainty has led to Bitcoin's price fluctuating within a narrow trading range, with $26,450 as resistance and $25,550 as support. 

Traders have been buying at the support level and selling at the resistance level, contributing to the altcoin price