Bitcoin Price Drops Below $55K, BTC Bulls Relaxes


Bitcoin prices have eventually declined lesser than $55,000 after the sellers have successfully managed to bring it down from their all-time high above $60,000. This decline happened even though Americans finally been issued their stimulus checks for $1,400. In addition, the open interest futures markets of Bitcoin were at a record high.

Bitcoin price had been sold off on 15th March after the bears had pushed back the price to the level of $55,000 a couple of days after it reached their record high of more than a whopping $61,000.

Bitcoin Price Fluctuates But Optimistic

According to the reports of TradingView Markets has revealed that the decline in Bitcoin price was to a $54,600 low. As of now the buyers still have not taken any action in order to prevent this drop.

Several of the latest developments showed a presence of fear, doubt, and uncertainty factor in concern with the leading cryptocurrency. This is also a result of the speculations and rumors over the possibility of a ban on digital assets in India that might criminalize the trading, mining, possession, transfer, and issuance of cryptocurrency.

Along with this bad news, Cream Finance, and PancakeSwap, 2 leading Defi projects of Binance suffered due to the spoofing attack of DNS which tried to phishing the users to arrive at the private keys in the website.

Even though there was a drop in Bitcoin price, the traders seem optimistic of a quick recovery of approximately 10% out of $400 billion of the pandemic relief meant for the US citizens to buy stocks and BTC.

The open interest of the futures market of BTC recorded almost $22.5 billion, indicating the optimism of the bulls that will sustain the present uptrend.

The market cap of the entire crypto market is $1.71 trillion while BTC has a 60.9% dominance rate.