The current price of Bitcoin is $58,854. This means that the largest crypto by market cap has dropped to its lowest point in two months. This is a very serious development when it comes to the crypto market. Let’s analyse whether what we see in the Bitcoin market is an isolated incident or a pattern visible in the entire crypto market.
Bitcoin Price Trend: A General Overview
In the last 30-days, Bitcoin has seen a decline of over 14.7%. Over 3.6% fall has been witnessed in the last 7-days, and nearly 3.6% drop has been noticed in the last 24-hours. In the beginning of the month of July, 2024, the price of BTC was around 62,814. Since then, the price of Bitcoin has been consistently weakening, showing three consecutive red candlesticks. The previous month’s peak was nearly $71,100 and the bottom was nearly $60,100. On the last day of June, the Bitcoin market experienced a strong buying pressure, taking the price to a weakly peak of $62,694. The small body of the candlestick representing July 1 indicated the emergence of a strong selling pressure Though that day BTC managed to close in a positive note for buyers, in the subsequent days sellers took control of the market. At present, the price remains at a crucial point – the lowest in the last two months.
Overall Crypto Market Analysis
It is important to know whether it is an isolated incident. The best way to understand it is to analyse other prominent cryptocurrencies. Let’s consider the case of Etherem and Solana. In the last 30-days, Ethereum has seen a fall of over 14.3%. In the last 7-days, the price has witnessed a drop of 4.7%. Over 4.7% drop has been observed in the last 24-hours. Similarly, Solana has reported a serious drop of over 18.0%. Over 0.6% drop has been recorded in the last 7-days and as high as 9.7% drop has been registered in the last 24-hours. The things are not different in BNB and XRP.
Impact on Bitcoin Traders & Investors
As per a post published in X by Santiment, many crypto traders bought Bitcoin when it was close to $60,000. Their hope was that the price would go up. Currently, there traders are selling off their coins because the price of BTC is falling.
There is an assumption that this development may increase the current selling pressure in the Bitcoin market. What do you think? Can this affect the entire crypto market?
Read Also: Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In
