Bitcoin Eases to Start the Week, Price Drops Below $61,000

Bitcoin Eases to Start the Week, Price Drops Below $61,000

Created by TradeOr

3rd Party Analysis 16 Nov 2021

Key Takeaways:

  • Bitcoin price eases to lower levels on Monday; remains pinned near $61K on Tuesday
  • The crypto market pulls back early in the week after reaching record levels a week earlier

What’s Today’s News in Crypto?

Bitcoin and alternative coins dipped to start the trading week. In more detail, the broader crypto market slipped to levels near $2.8 trillion in value. Bitcoin, meanwhile, declined about 4% on Monday to reach a closing price of $64,000 per coin.

The moderate decline, measured in crypto terms, came after the leading token peaked at a session high above $66,000. Buying momentum, however, faded in the afternoon hours as market participants retreated their risky bets.

Still, despite the drop early in the week, analyst consensus remains largely positive for the digital assets. Moreover, strategists say the current pullback was important as it could allow the upside swing to continue with renewed bullish momentum.

On this note, many investors and traders expect the rally to pick up steam again as cryptos move further to December. Projections for end-of-year price for bitcoin vary widely but many put the token’s price tag above the current all-time high of $69,000.

What’s the Price of Bitcoin?

So far in the year, the price of bitcoin has gained just about 100% to current market price. Presently, bitcoin is trading near $61,000 as the market keeps moving lower on Tuesday.

Elsewhere, the second-most valuable crypto token, Ether, is trading near $4,300 per coin. The Ethereum token on Monday reached a session high of almost $4,800 but, similarly to bitcoin, dropped on the day. Nevertheless, Ether is up a staggering 500% this year as it had been a preferred choice for traders and investors.

How to Buy Bitcoin?

Crypto communities around the world remain confident the market is still in its early stages of development. Against this backdrop, many new players are expected to join and invest in digital assets. While regulation is in the making, institutional interest to own cryptos is on the rise.

With all this said, make sure to check our Bitcoin Buying guide where you will see how easy it is to invest in crypto. Also, you can head over to our wider guide on cryptocurrencies where you will find the hottest tokens in the market.