{"id":48155,"date":"2022-06-02T11:48:04","date_gmt":"2022-06-02T09:48:04","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48155"},"modified":"2022-06-02T11:48:04","modified_gmt":"2022-06-02T09:48:04","slug":"bitcoin-endures-a-setback-yet-again-retreats-5-overnight","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-endures-a-setback-yet-again-retreats-5-overnight\/","title":{"rendered":"Bitcoin Endures A Setback Yet Again; Retreats 5% Overnight"},"content":{"rendered":"

Bitcoin (BTC) suffers yet another blow. BTC dropped nearly 5 per cent<\/strong> in the last 24 hours relinquishing much of its gains over the past couple of days. Will Bitcoin prices hit a new low or will make an upturn in the coming days?<\/p>\n

Bitcoin (BTC) made a minor recovery this week rallying above $31K<\/strong> but the momentum did not last long as the Dollar index regained some lost ground.<\/strong> The world’s largest cryptocurrency gathered some steam at the start of the week as markets started opening up after a stringent lockdown in China due to Covid-19 pandemic. Even after signaling a bullish drive<\/strong>, BTC tanked chucking investors into yet another frenzy.<\/p>\n

\"Bitcoin<\/p>\n

Is BTC Following The US Equity Market Cue?<\/h2>\n

\"Bitcoin<\/p>\n

According to CoinMarketCap<\/a>, BTC declined 4.97 per cent<\/strong> in the last 24 hours to currently trade at $29,943<\/strong>. Bitcoin’s dominance fell over 0.12 per cent<\/strong> in the last 24 hours to 46.09 per cent.<\/strong> The bellwether token has swayed mostly between the range of $28K-$29K in recent months. Even as Bitcoin registered a record ninth weekly loss<\/strong>, it started the week challenging weekly highs. The digital token is down over 35 per cent<\/strong> so far this year, and trading far below the peak of $69,000<\/strong> it hit in November 2021.<\/p>\n

Experts anticipate that Bitcoin is continuing to move within a descending triangle pattern<\/strong>. It may witness an immediate support at $26,800.<\/strong> The next resistance for Bitcoin could be $40,000.<\/strong> One of the main reasons for the shrinking BTC could be attributed to the low risk inclination<\/strong> among traders and investors, especially after the Terra<\/a> (Luna) debacle. Darshan Bathija<\/strong>, CEO at Singapore based crypto exchange Vauld, explained that with the US equities enduring another day of retracement, Bitcoin seemed to have followed a similar path. He added,<\/p>\n

“With the high correlation between BTC and the S&P 500 index, the odds of traders remaining bullish on cryptocurrencies was lower.”<\/em><\/p>\n

\"Bitcoin<\/p>\n

Can Bitcoin Shrink Further?<\/h2>\n

\"Bitcoin<\/p>\n

Edul Patel<\/strong>, CEO at crypto investing platform Mudrex, opined that Bitcoin’s reversal of the recent gains proved the fact the investors are still in the panic zone.<\/strong> Although BTC has been oscillating for quite sometime now, it may take some time to reach a bullish trend.<\/p>\n

However, some analysts also suggested that if flagship token fails to maintain support at $29K, it could drop to the lowest since December 2020.<\/strong> They remarked that Bitcoin (BTC) needs to break past the $40K<\/strong> level to witness any significant upward rally. Until then BTC may continue to consolidate<\/strong> between the $28K to $40K.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) suffers yet another blow. BTC dropped nearly 5 per cent in the last 24 hours relinquishing much of its gains over the past couple of days. Will Bitcoin prices hit a new low or will make an upturn in the coming days?<\/p>\n","protected":false},"author":21,"featured_media":48164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602,4610,4910,5002],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48155"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=48155"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/48164"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=48155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=48155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=48155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}