Bitcoin ($BTC), the flagship cryptocurrency, is going through a notable downturn this weekend. As per the latest market data, Bitcoin ($BTC) is plunging toward the $100K mark as the pressure is rising amid the bearish market momentum. On Friday, the top crypto asset dipped to $108K, the lowest price level Bitcoin has seen over the past 50 days. Such a massive decrease has surprised several traders, resulting in a $137M in liquidations from leveraged positions.
Bitcoin’s Continuous Price Slump Raises Concerns of Further Dip to $100K as September Approaches
As September approaches, investors are becoming more and more concerned about the likelihood of further declines, as witnessed in their reluctant trading activities. At present, Bitcoin ($BTC) is changing hands at $108,305.43. This price level indicates a 2.76% decrease over the past 24 hours. In addition to this, the weekly price performance of the leading crypto asset signifies a 6.53% plunge.
At the same time, the market capitalization of Bitcoin ($BTC) has dropped by 2.74%, reaching 2.15T. Previously, Bitcoin’s surge to its new all-time high (ATH) of $124.457 had solidified its position as the digital gold, but the subsequent dip is shaking investor sentiment. Currently, the analysts are of the view that the continuous decline could raise selling pressure while the broader market is witnessing macroeconomic uncertainty.
$CRO Records $94.25% Rise over 7 Days
On the other hand, several altcoins have been making waves with noteworthy gains over the past few days. Specifically, Cronos ($CRO) attained 94.25% profit over the past seven days. Following that, its current price is $0.2978. Nonetheless, the overall market is seeing a wider downtrend while nearing the crypto winter.
Overall, while Bitcoin ($BTC) is recording massive headwinds, the investors are advised to stay calm and hold through this uncertain period. Additionally, the market onlookers predict that Bitcoin could go through significant recovery and new heights after the current downturn. However, at present, the current scenario suggests that Bitcoin is now highly influenced by the growing financial turbulence across the globe.
