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Sunday, May 29, 2022

Bitcoin Price Goes Below $56K

The current dip in the price of Bitcoin has definitely raised a few more eyebrows in the cryptocurrency sector, as the price went below $56k. Nevertheless, cooler heads have been calling for some stable thoughts, along with a step back that would allow investors and traders to take a long look at the future outlook of the price of this cryptocurrency, as well as the wider market of crypto.

According to data received from TradingView and Cointelegraph Markets Pro, it was highlighted that after starting the week at a price of $60,000, the price of the cryptocurrency went under $55,600 due to the constant hammering of the market bears. 

What Is Special About The Bitcoin Price Action

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Rekt Capital, an independent analyst of the crypto market, recently spoke about taking a much more detailed look at the monthly price action of Bitcoin. This led to them providing details that implied that BTC was quite close to reclaiming its monthly close level of $58,728.

According to the analyst, the price action for this cryptocurrency was quite promising till now and was looking towards reclaiming its earlier monthly support. Nevertheless, the analyst also cautioned that there could be some major volatility in the near term with the market closing out in November. 

David Lifchitz, the chief investment officer, and managing partner at ExoAlpha, also provided multiple insights into the reason behind Bitcoin’s pullback. He looked towards the announcement that took place last Tuesday which stated that Mt. Gox would be distributing close to 145,000 BTC to retail investors who had purchased them sometime near 2013 and 2015. 

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As of now, the overall market cap for cryptocurrency stands at a massive $2.51 trillion, with the dominance rate of Bitcoin at 41.9%. 

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