Saturday, July 20, 2024

Bitcoin delivers a ‘Black Friday sale’ with a price of less than $55,000 BTC

Bitcoin (BTC) might have dropped 20 percent from its all-time highs, but analysts suggest that now is a great chance to “buy the dip.” This year’s Black Friday in crypto is picking up momentum, with Bitcoin and numerous alt-coins selling at their cheapest rates in 6 weeks.

USD/BTC is selling at 54,000 dollars after an intra-day sell-off driven by macro markets shaken by a new coronavirus strain and a falling US dollar.

What is the reaction?

While the news channels focus on the decline, others are unconcerned – today’s rates, provide a fantastic entry point. Others mocked Bloomberg’s original declaration that Bitcoin is “entering a bear market” in a knee-jerk editorial. Following twenty-four-hour sell-offs approaching 700 million dollars, funding rates across markets stay high. This indicates that selling is probably not finished yet.

Bitcoin has an inverse association with the US dollar, as Cointelegraph frequently points out, with the latter finally ending a prolonged winning run on 24/11/2021. Rather than strengthening Bitcoin, the leading cryptocurrency has declined in line with both the US dollar currency index and macro markets.

A strong block of client support near 53,000 dollars — about the level that equates to Bitcoin’s $1-trillion market valuation — is preventing additional losses on the cryptocurrency. However, past performance provides us with a useful reminder that Black Friday deals on Bitcoin are a recurring affair.

What happened in 2020?

USD/BTC plummeted to roughly $16,400 in the latter part of November 2020. But it went on to attempt and surpass 20,000 dollars for the first time in 3 years.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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