Bitcoin succumbed to selling pressure and fell below the $40,000 mark, hitting the lows of $39,000. Analysts attributed the latest price dip to choppy trading conditions. Lingering macroeconomic and geopolitical risks have fueled uncertainty among crypto traders.
With the rising correlation between Bitcoin and stocks, investors are more sensitive to the impact of rising interest rates on asset values. It could keep some buyers on the sidelines, which means lower market returns. Moreover, Bitcoin’s price volatility plays a major role. It creates a difficult environment for some option traders who profit from unexpected price swings.
XTCrypto, a crypto investor and enthusiast, tweeted that Bitcoin’s current setup structure highlighted the double top going downwards. This was seen during the downwards volatility during the Russian conflict which we have had again recently, however with a different narrative. It follows the trend from previous volatility, from a broader perspective if there is a bounce.
At the time of writing this article, Bitcoin was trading at $39,503. It has lost 2.56% of its value in the last 24-hours. Ether is also down by 1.64% and is changing hands at $2,949. The altcoins are splashed in red. Ripple’s XRP and Solana lost 2.61% in the last 24-hours. Cardano is down by 2.43% and Avalanche by nearly 3%. Polygon has lost 2.74% and Polkadot 0.36%. The meme coins Dogecoin and Shiba Inu are down by nearly 2%.
The biggest gainer is Terra LUNA. It gained 0.31% in the last 24-hours and is trading at $93.
