Things aren’t going as planned for bulls, as Bitcoin (BTC) continued to fall early Monday, falling below $41,000 for the first time in three weeks.
According to TradingView statistics, BTC/USD hit a 3-week low of $41,705 on Bitstamp, down about 15% from the month’s peak, and the sell-off seems to be far from complete.
Despite positive triggers such as fresh Terra buy-ins over the weekend, Bitcoin resumed its downward trajectory, losing the $42,000 level, which has served as both support and resistance for the cryptocurrency since November 2021.
Most of the other leading altcoins have underperformed Bitcoin over the last seven days, with Solana (SOL), Polkadot (DOT, Terra (LUNA) and Avalanche (AVAX)losing 25%, 22%, 28%, and 22% respectively, during the last week.
As a result of the market sell-off, about 121,423 traders were liquidated across the cryptosphere in just 24 hours, bringing the total amount liquidated to more than $350 million.
Last week, the cryptocurrency market was rattled by recent statements by some members of the US Federal Reserve (Fed) about their plans to hike interest rates.
This has increased investor worry, as evidenced by the Bitcoin Fear and Greed Index, which now reads 32, indicating fear, a considerable change from 52, denoting neutral, at the start of the month.
The Bitcoin 2022 conference, which took place in Miami last week and was dedicated to the world’s oldest and most expensive cryptocurrency, failed to raise the price of the largest cryptocurrency, as expected.
Bitcoin’s price trajectory is now unclear, and we don’t have many indicators as to what might happen in the future months. One thing is certain: if global popularity continues, demand will soon outstrip supply, and Bitcoin’s price will begin to rise once more.
Bitcoin is now valued at $40,833 USD at the time of writing. The most popular cryptocurrency has dropped 4.32 percent of its market value in the last 24 hours, bringing the entire market capitalization of cryptocurrencies to $1.844 trillion.