As global financial markets seesaw, the cryptocurrency market faces the same price volatility. Data issues by Cointelegraph and others focus on the time of day when the price of BTC stayed at $38,200 and plummeted after a huge selloff. The price at the end of the day was $36800.
Bitcoin’s drop in price to levels below $37,000 is confirming the views of many analysts that the crown jewel of cryptocurrencies is set to have a further slide in value. As recently as February 2nd, 2022, the crypto market has redlined again and there is no end in sight. Here is what analysts and many traders say about Wednesday’s bitcoin slide and what is likely to happen. A Twitter user with the handle “HornHairs” this that Bitcoin should find strong support at the $37,400 price level. After staying here for a bit, a jump back to $38.000 is quite possible and eventual recapture of prices at $38,700. It is also possible for the price to dip below the $36.781 level.
According to another Twitter user, it seems that everyone is following the same price information and it could cause a few issues. A correction is likely over at the current level and the market will need time to go back up, with the bull market remaining intact. The total market cap for crypto is $1.72 trillion at last count and BTC dominates with 41%.