2 November 2024
Bitcoin Erases Last Week Gains As It Fell Below $20,000
As per CoinGecko, Bitcoin plummeted by 3.5% in the last 24 hours. The leading Cryptocurrency, Bitcoin, has erased all the gains from last week as it fell below $20,000. Currently, Bitcoin is trading at $19,750, and the weekly gain is in the red with a 2.6% loss.
Last week, BTC was moving towards recovery and posted its biggest weekly gain in the previous nine weeks. Bitcoin price surged by 12% last week after experiencing its worst quarter in June.
The recent decline in Bitcoin price has lowered investor confidence. Bitcoin is 71.1 % below its all-time high record, which was set eight months ago at $69,044.77.
After surpassing its downward resistance line during the trading day of 7th July, BTC saw significant trading volume. However, its trading volume, by nomics statistics, is almost $46.58 billion, with a 1.62% loss in the last 24 hours.
The latest price correction comes as the majority of investors on Wall Street predicted a further crash to $10,000 before an eventual spike towards $30,000.
Additionally, CoinShares’ CSO claims that crypto winter is nowhere near close to its end as there’re no signs of trend reversal yet.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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