Bitcoin Price Update Today Summary
• Bitcoin (BTC) is trading around $23,800 with a notable drop of 2.27% but with a slight rise in the volume.
• Altcoins are feared to drop by more than 50% as Bitcoin continues to remain sluggish in its behaviour.
• Global market cap has again slashed hard and is heading towards the threshold of $1 trillion.
Analysis of Recent Bitcoin Performance
Bitcoin price is experiencing extreme bearish actions as the price again slashes below $24,000 and attempts a rebound from the pivotal support at $23,800. Meanwhile, the altcoins also appear in hot waters as they could lose momentum as BTC continues its sluggish behaviour. After rising beyond $1.13 trillion, the global market cap again slashed hard and is heading towards the threshold of $1 trillion. The trading volume also slumped pretty hard by more than 7% indicating that the bull is currently relaxing after pushing prices during the previous trading day. Presently, the Bitcoin (BTC) price is hovering around $23,800, with a notable drop of 2.27% but with a slight rise in the volume.
The possibility exists for BTC to sustain its strength while at same time there’s a minor probability of dropping down to $22,000 which could be disastrous for altcoins in terms of their value as it would cause them to drop by more than 30%. Popular analyst suggests that if this were to happen then people should buy some strong ones for rebalancing any active trading positions before cutting some off afterwards when ready. Furthermore, there may be scope for bullish reversal over BTC price rally depending on how well it holds above $22000 according Michael van de Poppe’s analysis .
Expectations from Bitcoin Prices
It can be expected that Bitcoin will continue to remain well above 22k level if it succeeds in sustaining this level then we can see further move up towards 25k+. This would be sufficient enough evidence to prove continuation inside uptrend which would bring back positive sentiment among traders and investors alike.. However caution must taken into account if we see breakage below 22k then further downside correction could take place leading us lower levels like 21ks or even lower which might not bode well with altcoins causing them suffer huge losses i..e more than 50%.
Conclusion
In conclusion , although bitcoin still remains vulnerable due bearish movements , however if current 23k level doesn’t break then we can expect bulls return taking bitcoin higher 25K+ levels whereas breaking below 23k could result drastic fall where altcoins might not recover anytime soon .