Bitcoin plummets to $ 59,000 in a flash

Cryptocurrency investors are worried about the fall of bitcoin BTC $70,227.64 Bitcoin 3.41% Market capitalization $1.39 trillion VOL. 24 hours $2.28 billion below $ 59,000 in the moment. The sharp 4.5% drop in the market’s flagship has caused an increase in bearish activity, with the Bitcoin Fear Index reaching a pessimistic 30 points.

Bitcoin experienced another significant correction, which was the sixth in this cycle. The last drop, which lasted 17 days, was one of the fastest and sharpest — the price of the asset fell by almost 20%. Daan Crypto Trades, a well-known crypto trader, compared this correction to similar cases in the past, emphasizing that the first lasted 12 days after the sale of the Bitcoin ETF, and the second lasted 17 days after the collapse of SVB.

During the uncertain period, technical indicators give hope for a possible price recovery. Analyst Ali Martinez noted that the MVRV Ratio(the ratio between the current price and the average price of each coin/token purchased — ed.) of bitcoin has fallen below -8.4% for the fourth time since February 2023, each time causing significant jumps in the BTC price by 63%, 100%, 92%, and 28%. Now, the analyst believes, is the perfect time to buy digital gold.

According to the CoinMarketCap analytical tracker, at the time of writing, bitcoin has managed to recover some ground and is trading at $ 61,602, up 1%. The total number of coins circulating on the market has reached $ 1.2 trillion. Traders have made daily trading deals worth $ 27.5 billion. Bitcoin’s market share remains at 53.4%. The Fear and Greed Index is still pessimistic at 46 points.