The price of bitcoin (BTC) is 50% below the last all-time high (ATH) of about three months ago, dragged down by the global macro environment.
According to the graphs of the analysis firm of blockchains Glassnode, the first cryptocurrency opened on Monday, January 24, lower, above 33,500 US dollars (USD). According to CriptoNoticias Price Calculator, BTC is currently trading at $34,733.27.
This translates to 50% less of its value, when compared to the ATH it touched bitcoin last November, reported by CriptoNoticias, when it hit $68,641 for the first time.
archyde news
According to Glassnode, this is the second most important fall in the price of bitcoin in this new cycle of halving (where miner rewards were halved last year).
The company recalls that the corrections that were registered in last 2017 and at the beginning of 2021, were “much more superficial”, of 20% and 40%, respectively, while in July 2021, the drop was 54%.
In graphs, in three months (November – January), the price of bitcoin has been represented by considerable declines, that have deflated the price of the pioneering cryptocurrency since it reached the ATH. In weekly terms, only three reported growth, the other nine being downtrend.
Today’s price is given after last January 21, BTC break the resistance that I had above $40,000 and embarked on a bearish cycle, which has led to significant liquidations on exchanges. That day alone, USD 727 million in sales were reported.
As usual, the price of bitcoin dragged the rest of the market. Ether (ETH), the Ethereum cryptocurrency, for example, gave up almost 10% from its price yesterday and is trading on USD 2,276, according to our price calculator.
Macroeconomic situations attacked bitcoin
As mentioned, the price of BTC responded to global macroeconomic situations, as the proposal of the Central Bank of Russia to ban trade and Bitcoin mining.
As reported by this medium, the analyst Juan Rodríguez alerted that Bitcoin would drop below $30,000 if it does not retake its previous support. In fact, he warned that those global situations They give reasons to think that the price is not going to recover in the short term.
But not all are bad predictions. Despite what was foreseen by Juan Rodríguez, a report by Willy Woo, who reviewed this newspaper, I let know that BTC was about to hit rock bottom, but to rebound and then continue on its upward path.
The performance of bitcoin remains to be seen in the days to come. For now, many bitcoiners call to buy the dip (fall), at the time when the holders resist the onslaught of a BTC in red, hoping for a rebound in the short term.