• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Bitcoin

Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours

Christian Encila by Christian Encila
2 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

Bitcoin isn’t the king of cryptocurrency for nothing. Most major cryptocurrencies have dipped incredibly low on Saturday, and that includes Bitcoin (BTC) but it doesn’t seem to budge.

Bitcoin was trading at $39,510 late Friday, down 4%, based on charts by Coingecko, which signals dangerous waters in trading. Traders have incurred monumental losses in equity with this trend.

It’s a consolation though that right now Bitcoin and other cryptocurrencies are frequently linked to stocks in terms of volatility in interest rates and market values.

Suggested Reading | Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum

The Big 4% Dip for Bitcoin

Four percent might be too small to matter but it does to Bitcoin and all other cryptocurrencies. With that big dip, investors and traders are increasingly aware of the risks and have decided to wait on the sidelines and see what happens next rather than risk severe losses along the way.

However, not taking action at the right time can hurt and decrease market returns.

Altcoins also went further down compared to Bitcoin. Fundamentally, it is typical for altcoins to underperform when pitted with other cryptocurrencies especially BTC because it has a higher risk profile in comparison to BTC.

Despite Dip, Bitcoin Remains Stable

On a more positive note, technical indicators have shown that Bitcoin is meant to be more stable at $38,500 even with the reduced price momentum. Traders are always on the lookout for unexpected spikes in prices so the downtrend with BTC may make it entirely painstaking for options traders to generate profit in these erratic price swings.

BTC total market cap at $755. billion on the weekend chart | Source: TradingView.com

Suggested Reading | Move Over Bitcoin – Is Shiba Inu The Next Crypto Gold?

Current trends circling the crypto and metaverse worlds can greatly impact how traders behave. For instance, when BitMEX co-founder Arthur Hayes said that there is an impending BTC price crash looking at around $30,000, there followed traders selling their BTC.

This caused traders to sell their May and June option calls like crazy causing the risk reversals to drop from -6% to about -10%  for both Bitcoin and Ethereum.

Still A Bullish Trend

With Bitcoin’s lowest low registering the past couple of days, this also highlights the minimized bearish sentiment on the side of options traders. Traders being cautious at this point in time are fairly predictable.

Overall, the global cryptocurrency market trading activities have been significantly reduced at $1.88 with very minimal gains seen in the last 24 hours. Even so, the total trading volume rose to around 18%.

While the very strict monetary policy has negatively impacted speculative assets like cryptocurrencies and stocks, the indicators clearly show that it will stay bullish for a little while.

Featured image from EPA-EFE, chart from TradingView.com
Tags: bitcoinbtccryptodigital currency
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

Ethereum bull

Ethereum Price Prediction: Crypto Analysts Reveal Catalyst That Will Drive Price Above $3,500

5 hours ago
bitcoin crypto maket altcoins

Why The Crypto Market Tides Are Turning In Favor Of Altcoins

7 hours ago
Dogecoin Small

Dogecoin Marks Two Consecutive Green Monthly Closes, What Happened The Last Time?

8 hours ago
Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

8 hours ago
Cardano

Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

9 hours ago
Dogecoin

300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

10 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • GoMining Unveils The West NFT Collection

    11 hours ago
  • Where to Invest in Crypto? Experts Highlight Top Picks...

    13 hours ago
  • Investors’ New Favorite: BorroeFinance Surges Past...

    14 hours ago
  • Maximizing Profits in Forex: Raw Spread Forex Brokers’...

    15 hours ago
  • Rebel Satoshi’s Next Stage Excites Market: A Fresh...

    15 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.