The price of Bitcoin reached its lowest level since February. It seems that the market bears have woken up from their 6-month hibernation.
to the the report Cryptopotito, the price of Bitcoin in the early hours of Sunday, May 16 (May 26) reached its lowest level in 11 weeks and fell to $ 46,700. The price of this digital currency experienced a slight correction after this sudden decline.
The last time the price of Bitcoin reached this level was in late February. At that time, the price of bitcoin was on a sharp uptrend, and it was in its second correction that it fell to this level. Two weeks after the correction, the price of Bitcoin reached above $ 60,000 for the first time.
Of course, as it turns out, the current situation is somewhat different, and bear forces are dominating the digital currency market. This is the second lowest price Bitcoin has experienced since hitting a record high of $ 65,000 on April 14, so it can be predicted that a downtrend is on the way.
An analyst named CryptoFibonacci also observes the weekly charts and states that he believes that the rising forces are losing their power and enthusiasm. He wrote in a tweet on May 15:
Danger warning or a sign of a stronger uptrend? If the chart were reversed, how many people would have predicted the Bitcoin price would fall (and reach the bottom)?
The recent drop in the price of bitcoin does not seem to be unrelated to a tweet posted by Elon Musk on May 13. In this tweet, Elon Musk mentioned the energy consumption of bitcoin.
It should also be noted that Indicator Bitcoin fears and greed have also dropped to 20, indicating a strong fear in the market. This amount has been unprecedented since the fall of the market in March 2020.
As expected, the fall in the price of Bitcoin has led to the sale of other digital currencies, and to date, $ 150 billion in capital has left the digital currency market.
The digital currency market has now fallen to $ 2.3 trillion after hitting a record $ 2.5 trillion on May 12. Of course, this amount is still very high in its kind; But if the downward force remains strong, it can be reduced.
Finally, despite the downturn in the market, few digital currencies were able to continue to rise in price. One of these currencies was Cardano (Ada). Cardano rose 4.8 percent to $ 2.27 on the day. It is interesting to know that the price of Cardano on Saturday, May 15 (May 25) managed to increase by 54% last month to $ 2.36 and set a historical record.
The Ripple (XRP) price also rose 13 percent during this time. The digital currency is currently trading at $ 1.58 billion and has a market capitalization of $ 73 billion. The other two digital currencies that managed to maintain their uptrend were Stellar and Solana, which grew by 3.7% and 12%, respectively.
At the time of writing, each bitcoin unit is trading at just over $ 49,000.