The price of Bitcoin (BTC) suffered one of its most drastic falls over the past month this weekend. Within about an hour, the coin plunged from $68,000 to below $62,000, triggering millions in liquidations with thousands of traders affected.
Bitcoin and Altcoins Finding Balance, Where is The Floor?
At the time of writing, Bitcoin price is pegged at $64,029.65, down by 5.32% in the past 24 hours. Despite the sustained bearish outlook, the price mark is a major improvement from the 24-hour low of $60,919.11 recorded on April 14.
The coin has faced enormous volatility as shown in the daily chart. From the price trends, the coin might have hit a floor of $60,900 in the ongoing bearish onslaught. There is no certainty when the coin will experience a significant breakout from its current consolidation trend. In the bid for recovery, the $65,000 price mark remains the most significant resistance to breach.
Industry leaders like Mike Novogratz are optimistic about the ability of the coin to reach new heights in the near term. This confidence can bolster the resolve of traders and Bitcoin HODLers like MicroStrategy Incorporated who have noted the plans to keep faith by not selling.
Altcoins also saw a massive plunge with signs of recovery quite far off. Ethereum (ETH) is down by 6.9% to $3055, and Solana (SOL), bedeviled by congestion issues, has lost over 9.7% to $136.63. Other top altcoins like Binance Coin (BNB), Cardano (ADA), and XRP have also shed off 7.92%, 10.56%, and 11.79% to trade at $546.63, $0.4535, and $0.4822 respectively.
The recovery of these altcoins is notably dependent on the next steps Bitcoin price takes.
Key Bitcoin Growth Catalysts To Watch
According to Coingape’s Bitcoin halving tracker, the major BTC event is taking place in about 5 days and 13 hours. This event will compound Bitcoin’s deflationary status as the reward to miners will be halved. Notably, just about 450 BTC will now be released in a day, a number that might not match with current demands.
With the halving and spot Bitcoin ETF acquisition by issuers, a supply crunch is imminent. Should this be the case, Bitcoin price will be at a vantage position and this will help it erase its lost valuation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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