Hassan Maishera
TL;DR
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Bitcoin is trading below the $65k level after losing more than 3% of its value.
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The market remains volatile a week after the Bitcoin halving.
Bitcoin Volatility Persists After Halving
Bitcoin, the world’s leading cryptocurrency by market cap, has been volatile in recent days. The coin rallied towards the $67k level following last week’s halving. However, it is now on a downtrend after losing more than 3% of its value on Wednesday.
At press time, BTC is trading at $64,275 and could dip lower if the bears remain in control of the market. While speaking to Cryptowisser, Ruslan Lienkha, chief of markets, YouHodler, confirmed that the market remains extremely volatile at the moment. He said,
“At this point, it is difficult to predict short-term volatility because we do not know what factors will appear in the market in the next one to three months. Given the information available right now, I do expect further consolidation in the near future and a decrease in volatility for a while before BTC leaves the current channel of $72k - $60k (see screenshot below). Breaking this channel in any direction will mean a significant increase in volatility, but it is difficult to say when this will happen - it can happen in one week or in five months.”
Altcoins also recorded losses on Wednesday, as the total crypto market cap dipped by 3.6%. At the moment, the total cryptocurrency market cap stands at $2.37 trillion.
Ether, the second-largest cryptocurrency by market cap, lost roughly 3% of its value and is now trading at $3,160 per coin. Solana, Dogecoin, Ton, and Cardano, have all lost roughly 6% of their values in the last 24 hours as the market undergoes a correction.
