Bitcoin has dropped to the lowest level it hasn’t seen in about 1 month. Bitcoin price dropped to $38,547 in the early hours on the Bitstamp exchange, hitting its lowest level since March 15. At the time of writing, BTC was trading at around $ 38,900.
On March 28, the leading cryptocurrency hit an annual high of $48,234. The cryptocurrency has come under pressure as the US Federal Reserve tightened its monetary policy to curb inflation. As previously reported, analyst Peter Brandt recently predicted that the Bitcoin price could continue to trade sideways before embarking on another major rally that could occur in 2024.
The widely followed Fear and Greed Index, on the other hand, shows that Bitcoin traders are being overtaken by “extreme fear.”
As for altcoins, most of them have underperformed in the last 24 hours and this is a common occurrence during market corrections.
According to data provided by Coinglass, $223 million worth of cryptocurrencies have been liquidated in the last 24 hours. Long positions make up 88.72% of them. The overall market cap is currently $1.9 trillion. Bitcoin’s market dominance is 39%.
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