Bitcoin Drops to $55,500 then Recovers over 3% – TradeOr.com

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Created by TradeOr

3rd Party Analysis 08 Apr 2021

Key Takeaways:

  • Bitcoin pressured below $58,000 as investors try to stage a comeback
  • The asset reached a 10-day low, recovered over 3% to trade above $57,000

The world’s oldest and most popular cryptocurrency, Bitcoin, has been struggling to find direction this week. In what is turning out to be an anticlimactic and uneventful trading so far in April, the price is wobbling in the range of $59,000 to $55,000 for a single bitcoin. On Wednesday, the crypto asset slipped to a 10-day low on the lack of positive news or fresh developments.

The recent surge, that sent bitcoin on a tear to its all-time high during the first quarter of 2021, was prompted by large institutional investors joining in alongside big players from the financial industry and the corporate world.

 

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In the first week of April, almost no events have caused a stir in the crypto market, resulting in low-volume trading and reduced volatility. Against that backdrop, the world’s largest digital asset has been gyrating below its all-time high. Crypto investors’ efforts to push bitcoin above its record of $61,800 have so far yielded no result. Month-to-date, bitcoin has been performing to the downside. The asset is in the red by 3% for April. Nevertheless, bitcoin remains strongly in positive territory for the year, higher by 95% since January.

On Thursday, the price is staging a recovery from yesterday’s low of $55,500. In the early trading hours today, bitcoin has climbed to a current market price of $57,200, a recovery of 3.1% from its weekly bottom. Bitcoin opened today’s session around $56,000, meaning the asset is up nearly 2% on the day as market participants remain optimistic to bring it to higher grounds.

Meanwhile, bitcoin’s market share continues to drop and at one point briefly slipped below 55% of total market value. The whole crypto market is now worth $1.93tn, of which nearly $1.10tn are allocated to bitcoin.

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