Why Bitcoin Price Is Falling: Down by 8% in 8 Days

Bitcoin faced a correction phase over the weekend, causing a decrease in investor confidence, with its price falling down by 8% in 8 days. The price of Bitcoin was down by 1.47% in the last 24 hours and was trading at $27,287.06 with a 24-hour trading volume of $14.9 billion, according to CoinMarketCap data. The decline in Bitcoin’s price may be due to uncertainties related to both macroeconomics and the cryptocurrency industry, which investors and traders continue to consider.

Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange, stated that “The latest dip in Bitcoin can be seen as a price correction after the mini bull run. The healthy pullback means that BTC has more potential for growth if macroeconomic factors turn favorable.”

Furthermore, almost all important crypto tokens were trading in the red on Monday, with the digital asset market erasing all their gains over the weekend. However, traders are keenly looking at the monetary path cues, and they will be looking at major economic events during the week.

Bitcoin tried to show some recovery after the weekend cuts, but it remained below the $28,000 mark. On the other hand, Ethereum, the second largest crypto, dropped for another session and was holding below the $1,900 mark. Ethereum was down 1.69% in the last 24 hours and was trading at $1,841.36 with a 24-hour trading volume of $7.5 billion.

Shivam Thakral added, “Ethereum, the world’s second-largest crypto asset slipped below the $1900 mark as it leveled the gains made after the Shanghai upgrade.”

The global cryptocurrency market cap was trading almost flat, holding around the $1.15 trillion mark, and the total trading volumes declined by over 19% in the past week, currently at $34.27 billion.

“The crypto market is expected to remain stable in the coming weeks if there are no surprising news headlines,” Shivam said.

Despite the short-term market overheating, there are reasons to believe in Bitcoin’s long-term potential. In addition to the macroeconomic and cryptocurrency industry uncertainties, another factor that has been weighing on cryptocurrencies is the US regulatory situation. However, investors who consider on-chain trends and technical indicators might find Bitcoin’s recent correction phase to be an attractive buying opportunity.

As Bitcoin experiences a significant drop, it is anticipated that there will be an influx of bargain hunters and dip buyers entering the market. As always, the cryptocurrency market remains volatile and unpredictable, but those who have faith in Bitcoin’s long-term prospects may find value in the current market conditions.

Read Also: Bitcoin Halving 2024: Will it Trigger the Next Bull Run?

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