December 5, 2022

Bitcoin Price Has Experienced A Huge Dip Having Hovered Over $20k For A Few Days

According to the latest data from CoinMarketCap, the trading price of Bitcoin (BTC) has suffered a major dip in the past 24 hours.

Bitcoin Price Dips by 7.5%

The data shows that in the past 24 hours, the trading price of Bitcoin has dipped by 7.54%. Following the dip, the trading price of Bitcoin has fallen to a low of $18,765.94.

Prior to the dip, the trading price of Bitcoin was hovering over the $20,000 resistance mark. Compared to the past week, the trading price of Bitcoin has dipped by 3.14%.

On the other hand, the trading price of Bitcoin has dipped by 5.65% from the high price that was recorded a month back.

Bitcoin’s Trading Volume and Market Valuation

Due to the recent dip, the trading volume as well as the valuation of Bitcoin has moved downwards. The trading volume for Bitcoin is currently around $54.96 billion while the market valuation is around $359.62 billion.

At the time of writing, the 52-week high for Bitcoin is over $54,300 while the 52-week low witnessed for Bitcoin is $15,500.

ROI for Bitcoin

The data shows that if investors purchased Bitcoin when it was at its lowest point in the 52-week period, then they would have a profit.

On the other hand, the investors who would have purchased Bitcoin at the 52-week’s highest level, then they would be at a huge loss.

Bitcoin is Badly Impacted

The trading price of Bitcoin falling below the $20k level goes to prove that the bulls are not strong enough to fight against the bears.

The bears started to sell Bitcoin on a higher scale in order to pull its trading price to a lower level. From the looks of it, the bears have succeeded in doing that as the trading price of Bitcoin is now below $18k.

The bears sold Bitcoin as it started to experience a rally and there were possibilities that Bitcoin may continue experiencing a spike in its value.

The global economic market is having a very bad impact on Bitcoin as investors are heavily stressed due to the rising inflation rates. To control the situation, the Feds have to hike the interest rates, which is not a good sight for the bulls.

Bitcoin Price to Fall Even Deeper

Despite multiple attempts made by investors, Bitcoin has not been able to recover at a significant rate. The price of Bitcoin is yet to find any kind of stability over the $20k level before it manages to form a strong support level.

If the Feds hike the interest rates, which they have already hinted, then BTC’s price may fall to $14,000, which would be the 52-week low.