The cryptocurrency market continues to experience significant turmoil, with Bitcoin’s price nearing $47,000. Over the last 24 hours, the total market capitalization of cryptocurrencies has plummeted by 5.16%, currently standing at $2.02 trillion.
This period is considered one of the worst for the crypto market in recent times. Bitcoin itself has faced considerable challenges, trading at $55,576 at the time of writing, a drop of 3.69% from the previous day and a staggering 21.66% decline over the past 30 days.
Renowned crypto market expert Ali Martinez has voiced his concerns about Bitcoin’s price movement, noting the lack of a significant support level. Martinez predicts a crucial demand zone around $47,000, indicating that Bitcoin might reach this price point soon. However, he also outlined a potential recovery scenario.
According to Martinez, Bitcoin needs to close and stabilize above $61,000 to resume its upward trajectory. Although this seems unlikely in the current market context, it remains a possibility. If the bulls regain control, Bitcoin could ignite this potential rebound.
Despite this, the cryptocurrency community remains largely pessimistic. The current market collapse was unexpected, especially following the recent Bitcoin halving event, which was anticipated to drive a significant price surge. Earlier this year, traders were optimistic after regulatory approvals bolstered market sentiment.
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However, Bitcoin has failed to trigger a substantial rally. While it has shown some consolidation in recent weeks, the broader crypto market experienced a severe downturn this week. Such volatility is expected in the world of cryptocurrencies, and anything can happen. We might still witness the long-awaited Bitcoin surge later this year.
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