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As the effects of the recent bloodbath in the crypto market started vanishing, the fledgling Bitcoin, after a long time, reached near the $32,000 level yesterday. But again, it failed to hold above $30,000.
Following nine red weekly candles, BTC retested $31,700 in the first green week on June 06 and then plummeted sharply in the next 24 hours at $29,000. Fortunately, BTC’s price is rising again and currently trading above $31,000. The fall of the fledging coin leads altcoins to face dumps, too, mainly affecting the prices of SOL, AVAX, and BNB.
Related Reading | Institutional Investors Refocus On Bitcoin As Market Losses Intensifies
Continuos price drops, which nearly declined the asset by over 6%, signified that investors were taking profits after a long-lasting bearish trend.
In the prior uptrend of BTC price in the last days of May, the Bitcoin bulls pushed the price upward to the $32,000 level from $30,000. A day after claiming the new high, BTC fell around $29,000 again on the next day.
Again, seeing an uptrend in the price for the past few days, the digital asset started to lose its value on June 07. However, in the previous weekly green candle, BTC’s price remained above and beneath $30,000.
When the most recent downtrend started, Bitcoin’s value bounced below $32,000. At a time when investors were expecting another leg up, it continued falling and lost around $3,000 from its value in just hours. Investors started to liquidate their assets, which further dropped the price to $29,000.
Bitcoin Is Bullish Again?
At the time of writing this news, BTC’s price has been fastly retaking its position above the $31,000 level again. The previous sharp drop that came yesterday resulted in BTC’s market cap reaching $565 billion, but the cryptocurrency still had more than 46% dominance over altcoins.
Also, altcoins performed well in the market before the Bitcoin price decreased aggressively. The second biggest coin by market cap, Ethereum (ETH), hit significant gains, reaching its value near $1,900.
Benefiting from the BTC price booms, it managed to regain its value to some extent and currently fluctuates above $1,850 and is still down by over 8%.
BNB, facing the U.S. Securities and Exchange Commission (SEC) investigation over the platform’s possible illegal sale of an unregistered security when it launched its initial coin offering (ICO). BNB lost 9% of its value following the BTC drop, bringing the BNB’s value under $300.
Polkadot, Solana, Cardano, and Avalanche followed similar drops. Similarly, other cryptos that turned red with larger cap-alts include Ripple, Tron, and Dogecoin. More digital assets that took losses are THORChain, Aave, and many more.
Related Reading | Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit
The crypto market cap has ultimately experienced a decrease of $80 billion in one day, bringing the figure to $1.2 trillion. Bitcoin showed a positive correlation with equities. Nasdaq futures saw a 0.95% decline and Bitcoin plummeted to $29,000 from $31,700.
Featured image from Pixabay and chart from TradingView.com
