Bitcoin Still Failing to Recover after Last Week’s Downturn
Quick overview
- Bitcoin is currently priced at $110,464, experiencing a significant decline after last week's market downturn.
- Both Bitcoin and Ethereum have seen sharp drops, with Bitcoin down 4.32% and Ethereum down 5.68% in the last 24 hours.
- The overall cryptocurrency market is struggling, with many top coins, including BNB, facing even steeper declines.
- Consumer confidence in Bitcoin is low, and recovery to previous highs may depend on external factors and investor sentiment.
Now at $110,464 (BTC/USD), Bitcoin is still low after the cryptocurrency market took a hit last week and has not recovered. Even peace in the Middle East is not helping.
While the stock market climbed back up to its previous highs this week after President Trump negotiated peace between Israel and Hamas, the crypto market is doing less spectacularly. Bitcoin (BTC) is down 4.32% over the last day, one of its sharpest drops in weeks.
BTC/USDEthereum (ETH) is likewise down, having fallen 5.68% over the last 24 hours. Across the cryptocurrency market, the story is the same with many top coins falling even more sharply than Bitcoin and Ethereum. One notable steep decline is BNB, which fell 10.58% from Monday, marking one of the steepest drop-offs of any leading coin in weeks.
Can Bitcoin Recover?
Bitcoin has a hard road to recovery back to its all-time high right now because the whole of the crypto market is in a downturn. We could see the market remain bearish if this selling pressure continues.
A few days ago, it looked like Bitcoin might establish a new higher support level, but it lost much of its recent gains and fell to the dangerously low $110K level. That means that consumer confidence has been severely impacted, and Bitcoin may not be able to set a new high anytime soon.
What will help are some outside forces that demonstrate to investors that there is less risk in putting their money into Bitcoin and greater possibility of reward. The whales may help things along with some heavy investments, but the economic situation will likely need to change before we see a new high for Bitcoin that holds onto its gains.
Recent comments from Federal Reserve chairman Jerome Powell are certainly not helping, as he mentioned at a meeting in September that unemployment is high and inflation is sticky. However, the Fed issued a rate cut anyway, and that could hurt the crypto market’s chances of reaching new highs.
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