Compass Investments

Crypto vs. Dollar

📌 What is the movement of bitcoin (BTC) after the fall? Will there be a quick recovery? Analysts have shared their predictions!

The main cryptocurrency bitcoin has fallen to $66,000, with the sharp drop occurring in the morning hours. BTCs fall spread to altcoins as well, with Ethereum (ETH), Solana (SOL), BNB and Dogecoin (DOGE) also suffering similar losses. Bitcoin

– The main cryptocurrency bitcoin has fallen to $66,000, with the sharp drop occurring in the morning hours. BTC’s fall spread to altcoins as well, with Ethereum (ETH), Solana (SOL), BNB and Dogecoin (DOGE) also suffering similar losses.

SOL fell more than 7% to $184, while Dogecoin fell 9% to $0.189.

Such a sudden and significant drop in bitcoin and altcoins has made investors nervous, and it remains to be seen if this decline will continue.

For now, Bitfinex analysts told Coindesk that the drop is due to selling by some long-term investors.

A Bitfinex analyst said he believes BTC will establish itself in a certain range in the coming weeks:

“It has seen a sharp drop, especially among long-term holders (LTH), as the previously contained supply of BTC has been sold off (albeit on a relatively smaller scale than at the peak of the previous bull market).”

Bitcoin is currently expected to continue to consolidate in a certain range over the next few weeks.

This is due to strategic profit taking among the LTH cohort (holders of BTC for 155 days or more).”

“Investors are wary of bitcoin!”

In addition to Bitfinex analysts, Alex Kupcicevic, a senior analyst at FxPro, also shared his bitcoin outlook.

The analyst stated that bitcoin is facing resistance at the $71,000 level, noting that the drop is due to the broad market’s caution towards risky assets.

Bitcoin failed in its fourth attempt to break through the $71,000 mark this week.

The S

Bitcoin

Bitcoin

$64,986.61

BTC 1.78%

Ethereum

Ethereum

$3,157.61

ETH 3.26%

Binance Coin

Binance Coin

$571.13

BNB 3.05%

XRP

XRP

$0.53

XRP 4.60%

Dogecoin

Dogecoin

$0.16

DOGE 4.18%

Cardano

Cardano

$0.51

ADA 8.17%

Solana

Solana

$151.15

SOL 6.05%