Bitcoin has already fallen by 9.4% in 24 hours and shows the lowest values in the last six months.
The first cryptocurrency has declined by more than 9% over the past 24 hours. As of 3 p.m. (GMT+2), BTC is trading around $38.300 and showing a further downward trend. According to CoinMarketCap, the total capitalization of Bitcoin has already fallen to $728 billion, while the total cap of the crypto market has dropped by almost $250 billion.
Coinglass reports that the futures market has seen more than $909 million in liquidations in the last 24 hours, with a total of 234.500 trader positions liquidated.
Since the last all-time high, BTC has already lost almost half of its value. Over the last month, the price has fallen below $40.000 for the second time. Earlier, Arcane Research analysts revealed the strongest correlation between Bitcoin and the S&P 500 since October 2020. Thus, experts agree that Bitcoin’s decline is a consequence of the general downfall of financial markets.
Future Market Movement Predictions
The Fear and Greed Index is at the level of 19, indicating a prevailing bearish sentiment in the market.
Analyst Michaël van de Poppe notes that the bulls could not defend the support level of $42.400-$42.700, so the local trend was broken. In his opinion, we should expect an even greater price decline. Bloomberg experts point out that Bitcoin has entered the oversold zone. This is indicated by the Relative Strength Index (RSI), which has fallen to its lowest value (less than 40). In such a situation, the asset becomes extremely oversold, and the bears lose the ability to influence its rate, after which there is a reversal of the trend and a return to growth.
