Bitcoin [BTC] has managed to secure a prominent position on a number of mainstream platforms across the globe. The price of the king coin has risen from a low of $10,000 to an all-time high of $64,000. After recording this immaculate price rise for months, the volatility of the king coin prevailed.
The cryptocurrency industry has been time and again called out for its extreme volatility. Several have been skeptical of investing in the crypto market due to the untimely drops in the prices of the coins. This time Bitcoin had exerted extreme volatility by dropping down to a low of $48,228 for the first time since March.
At the time of writing, BTC was trading for $48,246.79, with a drop of 11.17% in the last 24-hours. The last seven days were highly unfavorable for the king coin as it plummeted down by over 21%. Despite being the largest cryptocurrency in the world, its dominance had dipped down to 51.5% as the altcoin market emerged. The market cap of Bitcoin also took a hit as it succumbed below $1 trillion. During press time, the market cap of BTC was noted at $901 billion which further pushed the overall numbers to $1.76 trillion.
Bitcoin Endures A 6-Week Low
Santiment, an online analytics platform took to Twitter and noted that Bitcoin wasn’t the only asset that was enduring a drop. The platform noted that the altcoins followed suit. The tweet read,
Bitcoin One-day Price Chart On Binance
The one-day price chart of BTC revealed that the bears were all over the market. The Parabolic SAR indicator formed a line over the candlesticks hindering the growth of the king coin. This line of resistance could make it difficult for the cryptocurrency to make it past $50K once again. The MACD line slumped below the signal line and formed a bearish crossover.
Additionally, the Relative Strength Index indicator pointed out that Bitcoin was in the sellers’ zone. Furthermore, the marker seemed to be going down to the oversold zone.
Turns out, this bearish momentum would persist in the BTC market making it difficult for the asset to get back into its previous all-time high or even over the $50K mark.