Bitcoin Back below $70,000 as Crypto Market Stumbles
The $70,000 level has once again proven to be Bitcoin’s (BTC) weak point this year, as the token has dropped under that level and is now at $69,681 (BTC/USD).
Trade volume is still high for the coin, and trading will likely continue to heat up heading closer to the halving to happen in a few weeks. Bitcoin was managing to stay above the psychologically important $70,000 mark until the beginning of April, when the price dropped off a cliff.
Despite predictions that Bitcoin would pass $100,000 by the time the halving happens, that does not seem to be possible at this point. Price predictions are being adjusted down, since Bitcoin has spent so much time struggling with this $70k level.
Bitcoin is only down 1.13% over the last 24 hours, but at this point in 20224, many analysts expected the coin to have grown much further. There was so much positive growth early on in the year that the current trend is defying expectations and frustrating further price predictions.
The Market Reacts
As Bitcoin is having its troubles, the wider cryptocurrency market is dropping as well, with many of them falling harder than Bitcoin has. XRP (XRP) is down 2.36% for the day, and Ethereum (ETH) is down 1.54%. Cardano (ADA), which recently enjoyed a price spike alongside Bitcoin, is now down 2.63% and dropping. Even the resilient Dogecoin (DOGE) has fallen 0.51%.
At the time of this writing, these cryptos were still falling, and they may continue to do so over the rest of the day. Bitcoin’s price correction back down below the $70k level is hurting the rest of the market, and despite their own momentum, they cannot overcome the pulling force of a Bitcoin decline. If Bitcoin’s price continues to drop, we may see a similar decline from the remainder of the market.
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