On Monday, Jan. 22, 2024, the value of bitcoin fell below the K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.
Bears Take the Reigns—Bitcoin Falls Under K Amid Market Turbulence
Since early December 2023, specifically since Dec. 5, 2023, bitcoin’s price has remained above the K threshold. The leading crypto asset in terms of market value reached a peak of ,000 on Jan. 10, 2024. However, this high was short-lived. Subsequently, the price descended to the K bracket. Over the recent days, it has struggled to maintain its stance in the K territory, eventually dipping below this threshold at 2:15 p.m. Eastern Time (ET) on the said Monday afternoon.
Currently, the value of bitcoin has dropped to approximately ,400, with a trade volume of about .81 billion at 2:15 p.m., a significant increase from the .58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is undergoing a downward trend, marked by heightened volatility and a notable decline in its worth. The surge in trading volume during this downturn hints at a possible panic-induced selling spree, especially as the price falls below the ,000 level, a key psychological support point.
The recent dip in BTC’s price has also filled a CME gap that existed around the ,600 mark. In the hour following the plunge, bitcoin long positions amounting to .57 million have been liquidated, with .78 million in BTC longs eliminated over the entire day.
The ,000 #bitcoin CME Gap has closed
— TMG ₿ (@MartiniGuyYT) January 22, 2024
This downturn in bitcoin’s value has triggered a ripple effect across numerous cryptocurrencies, contributing to the overall .59 trillion crypto market economy’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% decrease in the same timeframe.
What do you think about bitcoin plunging below the K range on Monday? Let us know what you think about this subject in the comments section below.