The current price of Bitcoin is $58,854, marking its lowest point in two months. This significant drop in the largest cryptocurrency by market cap has raised concerns in the crypto market.
We’re diving deep to see if Bitcoin is dragging the entire crypto market down with it, or if this is an isolated incident. Keep reading to find out!
In the last 30 days, Bitcoin has declined by over 14.7%. The past week alone has seen a 3.6% drop, with a similar 3.6% fall in the last 24 hours. At the beginning of July 2024, Bitcoin’s price was around $62,814. Since then, it has consistently weakened, showing three consecutive red candlesticks. The previous month’s peak was nearly $71,100, with a bottom of around $60,100. On the last day of June, strong buying pressure pushed the price to a weekly peak of $62,694.
However, the small body of the candlestick on July 1 indicated the emergence of strong selling pressure. Although BTC closed positively that day, sellers soon took control. Currently, Bitcoin remains at a critical juncture, at its lowest price in two months.
To understand if Bitcoin’s decline is an isolated incident, we need to analyze other prominent cryptocurrencies. Ethereum has also seen a fall of over 14.3% in the last 30 days. Over the past week, its price dropped by 4.7%, with a similar 4.7% decrease in the last 24 hours. Solana has experienced an even more significant drop of over 18% in the last month. It fell by 0.6% in the past week and a substantial 9.7% in the last 24 hours.
The situation is similar for other cryptocurrencies like BNB and XRP.
Trader Reactions
According to a post by Santiment on X, many crypto traders bought Bitcoin when it was close to $60,000, hoping the price would rise. With the current decline, these traders are now selling off their coins, contributing to the selling pressure in the market.
There is speculation that this increased selling pressure could further impact Bitcoin’s price and potentially affect the entire crypto market. What do you think? Could this development trigger a broader market downturn?
Read Also: Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In
Do you think the selling pressure will continue?
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