Hassan Maishera
TL;DR
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Bitcoin dropped to the $38,500 region on Tuesday, its lowest lavel in nearly two months.
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The selling pressure continues but BTC’s price could rise above $40k soon.
Bitcoin Slips Below $39k as Market Turns Red
The cryptocurrency market has been bearish over the last two weeks and it continued with that energy on Tuesday.
Bitcoin, the world’s leading cryptocurrency by market cap, lost nearly 2% of its value on Tuesday, resulting in its price crashing below the $39k level. BTC traded at $38,555 on Tuesday before recovering to now settle above the $39,700 mark.
The decline yesterday was the lowest Bitcoin has traded in nearly two months. It is now down by more than 20% since the spot Bitcoin exchange-traded funds (ETFs) were approved earlier this month.
Despite the recent selloff, Bitcoin could recover over the coming days or weeks to retest the resistance level around the $43k region. Breaking past the resistance region around $42,861 could allow Bitcoin to rally higher and target the next highs above $47k.
Bitcoin’s poor performance was accompanied by altcoins also underperforming. Ether continues its decline and is now trading at $2,223, down by 5% in the last 24 hours. Over the last seven days, Ether has lost 13% of its value, nearly as double as Bitcoin.
BNB and Polygon’s MATIC coin are also down by more than 5% in the last 24 hours, making them one of the worst performers in the last 24 hours.
With Bitcoin and altcoins underperforming, the total cryptocurrency market cap continues to decline. At press time, the total cryptocurrency market cap stands at $1.55 trillion, down by 2%.
