Bitcoin price falls to lowest level in a week as correction in the valuable cryptocurrency deepens. By @Rubedarioh.
Hello all my #Project-HOPE friends, today again I am here again carrying an analysis on the Bitcoin price drop below $45,000k as the correction deepens and institutions continue to hoard the valuable cryptocurrency for an eventual price rise. After failing to regain the $50,000k level this week, the Bitcoin price is facing renewed short-term selling pressure. However, the headwinds do not invalidate the bull market.
The Bitcoin price fell below $46,000k on Sunday for the second time in four days, raising fears of a deeper near-term correction for the market's top digital flagship currency. The price of the cryptocurrency fell to a session low of $45,127.01 according to TradingView, before staging a modest recovery to $45,400. The largest cryptocurrency by market capitalization has lost 5% on the day already plus 20% over the past seven days.
The sale of BTC, caused a correction of the entire cryptoasset market, as Ethereum (ETC) fell 7%, Polkadot (DOT) declined 10% and BInance coin (BNB) dropped 3%. Market sentiment toward cryptocurrencies has worsened in recent days after news that Tesla is no longer accepting Bitcoin payments to purchase its electric cars caused the valuable cryptocurrency to lose points in the market. It also made headlines about a possible investigation of Binance by the U.S. Department of Justice have raised concerns about a possible regulatory backlash.
Institutions are accumulating Bitcoin.
Despite all the current market noise, institutions are accumulating Bitcoin with increasing conviction, offering compelling evidence that the bull market is far from over. Bitcoin Treasuries, which tracks corporate and institutional exposure to BTC, reported Saturday that institutions have accumulated 215,000 thousand Bitcoin in the last 30 days. That's equivalent to about $10 billion.
Institutions have been buying Bitcoin for most of the year, these so-called smart money investors are one of the main reasons for the rise of the Bitcoin price from $10,000 thousand in the middle of last year to a high of about $64,000 thousand in April. Similarly we will already see the partial recovery of Bitcoin as always its volatility of this cryptocurrency is very high and that will know how to take advantage of investors.
I hope you liked my post, best regards to all the #Project-HOPE Community.
See you next time.
The fears that cryptocurrencies are going down are opportunities where investors see buying possibilities, I believe that instead of seeing bitcoin's decline as a problem, it should be evaluated as an investment opportunity.
Greetings and thanks for your input.
Thank you for commentingm @carlos84, it is as you say for investors it is the best time to invest.