Will Bitcoin (BTC) Be Able To Recover? Crypto Market Sees Major Declines As Bitcoin Dropped By 10% In Two Days
This week, the cryptocurrency market witnessed a significant decline as the price of Bitcoin dropped by 10% within the last two days.
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According to a thorough analysis by Altcoin Daily via YouTube, the sudden drop was attributed to a substantial test transaction of 30,000 BTC, valued at $2 billion, sent by the US government to Coinbase.
One of the primary issues highlighted in Altcoin Daily’s analysis is the US government’s massive test transaction of Bitcoin to Coinbase. The uncertainty surrounding the government’s potential intention to sell this large amount has triggered fear among investors, adding to the market’s volatility.
In addition, the analysis also contends that the impact of such a transaction on Bitcoin’s price would likely be minimal, as the amount involved represents only a fraction of Bitcoin’s total market cap.
While the decline was mainly focused on Bitcoin, it had a widespread impact on the entire crypto market, pulling along other prominent cryptocurrencies such as Ethereum, which fell to $3,320.
This sudden downtrend came shortly after Bitcoin reached its new historic ATH of $74,120, unsettling both experienced investors and casual onlookers, highlighting the volatility of digital assets.
Despite the chaos, Bitcoin’s Relative Strength Index (RSI) on the daily timeframe remained close to the midpoint of 50, a significant threshold during bullish trends. This resilience highlights Bitcoin’s strength and ability to withstand short-term market volatility.
At press time, Bitcoin is slowly recovering and currently trading at $66,092.81 showing a slight increase of 0.63% in the last 24 hours. Bitcoin’s 24-hour trading volume stands at $43.83 billion while its total market cap has increased by 0.62%, back to $1.3 trillion.
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