Bitcoin (BTC) continued downtrading on Monday, taking a huge dip to $91k, following Nasdaq and S&P’s drastic volatility. The BTC price fell 4% from the daily high of $96,000 to as low as $91,030 amid crypto market crashing 5% today.
The dip has occurred mainly due to the increasing tension on Monday with U.S. market opening alongside major U.S. states – including Montana, North Dakota and Wyoming – rejecting the strategic Bitcoin reserve bill.
While increased selling pressure has been one of the factors behind Bitcoin price fall, its past week’s performance was also indicating a major correction as BTC failed to break above $100,000 in multiple attempts.
As per Coinmarketcap data, Bitcoin is currently trading at $92,000 – down 3.8% in the past 24 hours.
Since the last month, Bitcoin price has been witnessing huge volatility with it falling down to $92,000 during the first week of February and trying to reclaim the psychological $100,000 price barrier ever since. The price range between $95,000 and $96,000 was considered a major support but with BTC now falling to $91,000 suggests it could decline even further throughout this week.
Besides, Michael Saylor’s Strategy (formerly known as MicroStrategy) purchased 20,356 BTC, worth $1.99 billion at the time, today which hasn’t seem to have sparked any excitement among crypto investors. The BTC price has not also reflected any remarkable move after this latest buying worth nearly $2 billion.
Noting this, an analyst, The Modern Investor shares in a X post that most of the retail investors have lost interest in crypto and are squeezed out of the market while the Crypto Whale activities keeps surging.
“Most of retail has been all but squeezed out of the market and have lost all interest in crypto,” he wrote “All while whales have been on a non stop purchasing spree for the last 2 months. It’s a repeat of other cycles. It’s going to be very interesting when Bitcoin goes above $109k again.”
Dip to Buy?
While most investors are now cautious before making any move, Bitcoin has given yet another dip and an opportunity for all those believing in $100,000 as Bitcoin’s fair price. Although the current market sentiment also hints towards a healthy correction therefore suggesting further decline in BTC price.
Also Read: South Dakota Lawmakers Block Bitcoin Reserve Bill Proposal
