As a seasoned crypto investor with a few battle scars to show for it, I’ve learned that the crypto market is as unpredictable as a rollercoaster ride at an amusement park. The recent dip in Bitcoin‘s price to $93,054 is just another reminder of this fact. While the 2.7% drop over the past 24 hours and nearly 13% over the past week might give some novice investors a heart attack, I see it as an opportunity to add more coins to my portfolio at a discounted price.
Today’s value of the most prominent digital currency, Bitcoin, has dropped down to a minimum of $93,054 during trading hours.
As per Andrew Thrasher, who serves as a portfolio manager at The Financial Enhancement Group, the foremost cryptocurrency is presently undergoing a test against its 50-day moving average (MA), as depicted on the daily chart.
According to cryptocurrency analyst David Vallieres, if Bitcoin falls below the current level of $92,600, there’s roughly a 40% chance it could drop back to test the previous high of around $73,600 again. However, his long-term prediction for its price movement remains at $123K. He expressed this in a recent social media post while discussing charts.
Over the last day, the leading cryptocurrency has dropped by about 2.7%. Over the course of a week, it’s declined by close to 13%.
Almost all other digital currencies, including XRP, have experienced significant losses, with XRP falling by up to 4%. Once a standout performer that shocked the market with enormous gains in November, XRP has now slipped to fourth place in terms of market capitalization. Currently, it is worth approximately $122.7 billion.
Dogecoin (DOGE) and Cardano (ADA) are also down by 2.5% and 2.2%, respectively.
Today, MicroStrategy, a business intelligence company, made another substantial Bitcoin purchase, marking the seventh consecutive week they’ve done so. Unfortunately, this move didn’t result in an increase in the price of Bitcoin as anticipated.
On December 17th, the primary cryptocurrency peaked at an unprecedented level of $108,135. Yet, it started to lose its upward trend following the Federal Reserve’s announcement that it might not reduce interest rates as much as anticipated in 2025. The cryptocurrency has since dropped by about 14.1% from its record peak.
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2024-12-23 19:54