Quotes of the first cryptocurrency are declining again — BTC lost more than $4.000 over the past three days.
Bitcoin failed to stay above $40.000 for a long time, and its quotes dipped below this level by March 4. Over the past three days, the first cryptocurrency fell by more than 13%. At peak moments, BTC price went down to the area of $37.700. As of 12:30 (GMT+2), Bitcoin is trading around $38.100.
Amid geopolitical and macroeconomic instability, the first cryptocurrency shows extremely high volatility. The current fall followed a sharp increase in quotations, which was observed last week. As a result, the value of Bitcoin mainly remained unchanged over the past seven days. Experts attribute the current fall to the high overbought level of the asset. Also, they note the still high correlation level of Bitcoin quotes with the S&P 500 and Nasdaq 100 indices. Against this background, a long period of consolidation and a further decline in the trading volume are predicted. Senior Commodity Strategist at Bloomberg, Mike McGlone, expects to see BTC quotes around $30.000, as he said on Twitter.