Bitcoin (BTC) continues to fall and has just dipped below $93,000. That means Bitcoin has already lost more than $9,000 since yesterday morning, which equates to a drop of as much as 9%. Is there finally light at the end of the tunnel or will the price reach even lower levels?
BTC crashes again, but has already recovered
It’s a scary week for newcomers to the Bitcoin market. It started so well, but that now seems like a long time behind us. The Bitcoin price has only been moving downwards over the past two days.
On Monday, Bitcoin broke through $100,000 for the first time in almost three weeks. There was a firm belief that the correction was over. But as is often the case, BTC has done the unexpected.
Yesterday BTC already fell from $102,000 to $96,000, and today it has taken another painful fall. Things were still slow during the day and Bitcoin seemed to find support at $95,000, but as evening dawned the price also lost this level.
At 6:00 PM, Bitcoin had a flash crash: in just half an hour, the price fell from $94,800 to a low of $92,500. But then Bitcoin managed to make up for this very quickly. The price is now back at $94,700.
Yet Bitcoin has turned the market upside down again. Of course, the fear was already there, but it has now increased even further. Bitcoin has now gathered liquidity at its key support level just above $92,000 and the bulls will now have to prove themselves to recapture $95,000.
If that doesn’t work, we can expect another decline towards $92,000 and possibly even below $90,000.
After rain comes sunshine
By the way, it is not the first time that BTC has fallen in the first month of the year during a bull market. This also happened in the previous two cycles, reported crypto analyst Benjamin Cowen. In both times the currency fell sharply and for many the end seemed near, but then the bull market simply resumed.
And there seems to be little reason to believe that this time it will be any different. These declines are simply part of the game. Those who want to benefit from the big profits must be prepared to endure these challenging periods.
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Source: https://newsbit.nl/bitcoin-koers-daalt-verder-en-duikt-onder-93-000-wat-nu/
