- Bitcoin (BTC) price is in a downtrend amid a dramatic and bearish turn in the broader digital currency ecosystem.
- According to a top market analyst at CrediBULL Crypto, the rapid decline in the price of Bitcoin (BTC) is viewed as an opportunity to accumulate.
- Altcoins were generally not in a bad situation, as Ethereum (ETH) dropped by 4.2% to $1,962.13 overnight.
Bitcoin price experienced a sharp decline in the face of intense selling pressure; Can the decline continue? Current status!
Can Bitcoin Price Overcome the Pressure?
Bitcoin (BTC) price is in a downtrend amid a dramatic and bearish turn in the broader digital currency ecosystem. As of the time of writing, Bitcoin has experienced a 3% drop despite apparent bullish factors circulating in the market.
Bitcoin is rapidly losing its gains and is currently trading at a price of $36,270 as of the time of writing. Despite the potential negative impact of this current price drop, according to a top market analyst at CrediBULL Crypto, the rapid decline in the price of Bitcoin (BTC) is viewed as an opportunity to accumulate.
Based on CrediBULL Crypto’s previous analyses, relying on the local bottom level around $34,600 has always been predicted to be tested closely. Although this downtrend has not touched this level yet, the fundamental thesis behind the prediction has been confirmed with the current outlook.
According to the analyst, most profit realization is systematic and can be attributed to long positions that have largely accumulated in the last few days. A sensible pullback is inevitable with the exit of long-term sellers from the market.
Data from CoinGlass supports this thesis, as over $217.79 million in total liquidity has been withdrawn from the market by more than 77,200 traders in the last 24 hours. The liquidation figures for Bitcoin during this period mainly involve $61.42 million, including mostly long-term traders. The downtrend in the price of Bitcoin (BTC) is not permanent, as CrediBULL Crypto believes it is currently time for Bitcoin’s “bounce.”
Altcoins in Disarray
Altcoins were generally not in a bad situation, as Ethereum (ETH) dropped by 4.2% to $1,962.13 overnight. Despite rallying on news of BlackRock’s application to the U.S. Securities and Exchange Commission (SEC), Ethereum’s downtrend is quite strong.
The decline in altcoin prices reflects how strongly many altcoins are dependent on the price of Bitcoin (BTC). While Solana (SOL) fell by 6.89% to $61.61, Cardano (ADA) dropped by 1.73% to $0.3703, and XRP retraced its previous gains with a 4.65% drop to $0.6177. The only good news is that a future recovery in Bitcoin prices will likely trigger a comprehensive altcoin recovery, a trend the market can rely on.
