Bitcoin Falls Below $56,000 For The First Time In A Month |

The price of Bitcoin continued to decline on Friday, with the cryptocurrency now trading below $4,000 for the first time since October 10th. Although we saw a brief rebound today and some volatility is expected as China’s market recovers from its latest ban, it appears that bitcoin is still struggling.

Bitcoin has been experiencing some serious volatility recently. It has fallen below $56,000 for the first time in a month. If you invest $5,000 in bitcoin today, you could make over $2 million by 2021.

After almost ten days after achieving a new all-time high, Bitcoin has dropped below $56,000 for the first time in a month. That implies Bitcoin has already retraced about 19 percent after touching $69,000. Bears predict Bitcoin’s price will continue to plummet, while bulls feel now is a great time to buy. 

Bitcoin has dropped below $56,000.

Bitcoin has dropped over 13.2 percent in the previous seven days, according to CoinGecko statistics, and has lost 6.2 percent in the last 24 hours. This has driven the whole cryptocurrency market down, with losses of 5.1 percent in just the previous 24 hours. 

All of the top ten cryptocurrencies are currently in the red. Solana (SOL), the worst-performing cryptocurrency in the previous 24 hours, has dropped 7.8%. When we look at the top 20, we can see that Crypto.com (CRO) and Shiba Inu (SHIB) both dropped 12.1 percent and 10%, respectively. 

The market is presently experiencing “fear” levels, according to the Crypto Fear & Greed Index, with a score of 34 points.

This indicates that the market has shifted from extreme good (82 points) last month to greed (74 points) last week and neutral yesterday (54 points). Bitcoin is now expected to continue its downward trend in the near future, which may or may not occur. 

Many investors, however, believe that Bitcoin will see a second boom before the end of the month. Bitcoin is expected to hit $98,000, according to cryptocurrency specialist and analyst PlanB. Nonetheless, Bitcoin would have to increase by 75% in only ten days, which seems to be a challenging task. 

Although cryptocurrencies are very volatile, and anything may happen, it seems that Bitcoin has seen a 75 percent price surge in only a few days. It’s conceivable that Bitcoin may linger close to current levels for a while before continuing to rise. Consolidation periods are usual for the greatest digital asset, and they allow the market to prepare for a fresh upward movement. 

Bitcoin is now trading at $56,300 and has a market capitalization of $1.06 trillion at the time of writing this essay. In the meanwhile, Ethereum (ETH), the world’s second-largest cryptocurrency, is trading over $4,000 and has a market capitalization of $481 billion, indicating that it has been less impacted than Bitcoin in the previous 24 hours.

Bitcoin has been on a rollercoaster ride for the past few weeks. The cryptocurrency fell below $56,000 for the first time in a month. Reference: bitcoin calculator.

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