The popular Bitcoin seems to have started another month on the lows. Its sharp drop in volatility is somewhat correlated to the ones observed in June. And a similar pattern was spotted between April and May as well.
At the time of writing this article, Bitcoin’s price was down by 0.96% and trading at $19,094. Ethereum lost 1% of its value in the last 24 hours. It’s changing hands at $1,053. The altcoins have seen a similar price drop. Solana is down by 1.72%, and Cardano and Polkadot lost nearly 1.60%. The meme coins – Dogecoin lost 0.22% of their value and Shiba Inu 0.85%. TRON is the biggest gainer. It’s up by nearly 3%. Ripple’s XRP also saw gains of 0.69%.
Bitcoin, whilst testing the turbulent waters for an upside, slipped down below $18,800 on July 3. But within a few hours, it managed to rise up to the $19,000 mark. The weekend saw light trading. The momentum was weak throughout last week as traders were cautious and unconvinced about the potential for a significant relief bounce.
An analyst tweeted that while the popular cryptocurrency is below the $19,300 mark, there could be a potential push down to the lower support zone at $18,000. If Bitcoin does slips, it will be because of the weekend hangover. And this is likely if bulls can’t push the crypto asset to the $19,700 mark. Many analysts are eyeing incoming volatility. Some believe that price conditions would become more erratic.
Then, there’s also the correlation of Bitcoin with the all-powerful US dollar. BTC has been notedly moving in the opposite direction of the US dollar since the beginning of 2022. Data shows that the weekly correlation coefficient between the digital currency and the fiat currency dropped to 0.77 below zero in the week ending July 3. This is the lowest in 17 months. The US dollar has been rising. Its metric is hovering around its January 2003 high of 105.78.