Bitcoin Slips to $41k As Market Selloff Continues

TL;DR

• Bitcoin is down by more than 3% in the last 24 hours and briefly dipped below the $41k level.

• The market has been experiencing a selloff since the spot Bitcoin ETFs were approved, with some analysts expecting further decline in prices.

BTC Retraces Below $41k

Bitcoin, the world’s leading cryptocurrency by market cap, has been experiencing a bearish performance over the last couple of days. In the last 24 hours, BTC lost nearly 4% of its value, recording its biggest loss in weeks.

At press time, the price of Bitcoin stands at $41,165, down by 3.6% in the past 24 hours. Bitcoin briefly touched the $40,900 level late on Thursday as the broader crypto market continues to experience a massive selloff.

Some market participants expect the world’s leading cryptocurrency to dip further in the coming hours and days. If the bearish trend continues, Bitcoin could test the next major support level around the $39,300 region in the coming hours or days.

With Bitcoin underperforming, altcoins are also bleeding. Solana is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 6% of its value to currently trade at $93.92 per coin.

ETH, XRP, ADA, AVAX, and DOGE have all lost more than 3% of their values in the last 24 hours. With altcoins underperforming, the total cryptocurrency market cap has dropped to $1.62 trillion, down by 3% in the last 24 hours.