BTC Dips Below $60,000, Is the Bear Market Upon Us?
CryptoNewsTerminal Staff04 Aug, 2024
BTC Dips Below $60,000, Is the Bear Market Upon Us?
Bitcoin (BTC) has dipped below $60,000, according to data from cryptonewsterminal Market Monitor. The cryptocurrency is currently trading at $59,974.23 on Binance USDT Market, which is down from its peak of over $67,000 in November 2021. This recent dip in price comes after a period of consolidation, which saw BTC trade in a narrow range between $60,000 and $65,000. However, BTC has now broken below this range, and it is unclear whether it will be able to recover in the short term. There are a number of factors that could be contributing to this dip in price. One possibility is that investors are taking profits after BTC's recent run-up in price. Another possibility is that investors are concerned about the potential impact of interest rate hikes by the US Federal Reserve. It is important to note that BTC is a volatile asset, and its price can fluctuate significantly. However, the recent dip below $60,000 is a reminder that even the most popular cryptocurrencies are not immune to market downturns.
