Bitcoin (BTC) Prices Fall Considerably, Analyst Warns of Further Drop!

Bitcoin (BTC) Prices Fall Considerably, Analyst Warns of Further Drop!
  • Bitcoin is down 6.74% in the last 24 hours.
  • Financing rates on exchanges remain high.

Analysts say now is a great moment to “buy the dip” in Bitcoin (BTC), even though it has fallen 20% from its all-time highs. Bitcoin and several other cryptocurrencies are trading at their lowest levels in six weeks on Black Friday. A decline in the U.S. dollar and uneasy macro markets caused an overnight sell-off in BTC/USD, now trading at $54,614.

Despite the media’s focus on the slide, many investors remain unconcerned, arguing that current prices represent an excellent entry point. A Bloomberg report claiming that Bitcoin has entered a bear market sparked a slew of jokes from others.

Caution Against Following the Herd

Scott Melker, a well-known trader and podcast presenter, cautioned against following the herd and anticipating further lower prices to purchase at.

Financing rates on exchanges remain high despite over $700 million in 24-hour liquidations. This indicates that selling is not yet done. The unique dollar-to-Bitcoin link, Melker said, was a result of the virus’s “jolt” effect. It is not uncommon for Bitcoin and the U.S. dollar to have an inverse link.

BTC/USDT: Source: TradingView

However, rather than boosting Bitcoin’s value, macro markets and the U.S. dollar currency index have taken a toll on the biggest cryptocurrency. Buyer support around $53,000, which approximately equates to Bitcoin’s $1 trillion market value, stands in the way of more losses on the cryptocurrency. Black Friday deals are a frequent trend for Bitcoin, as seen by the history of the cryptocurrency.

For the first time in three years, BTC/USD fell to roughly $16,400 in late November 2020, before resuming its upward trajectory and breaking beyond the $20,000 barrier. According to CoinMarketCap, the Bitcoin price today is $54,614.20 USD with a 24-hour trading volume of $42,837,769,361 USD. Bitcoin is down 6.74% in the last 24 hours.

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