Bitcoin Price Prediction as $20 Billion Trading Volume Comes In – Where is BTC Bottom?
Bitcoin (BTC), the most valuable crypto token, has been performing very poorly in recent days, which could be attributed to the FTX bankruptcy, which has caused the crypto market to suffer and contributed to Bitcoin losses, which have seen it drop about 20% in seven days to trade at $16,789 level.
BTC dropped to a low of $15,872 earlier in the session before rallying to a high of $16,864. Aside from the bearish crypto market, the recent upticks in the US dollar, which rose against the euro and sterling on Monday, aided the declines in BTC prices.
Other well-known cryptocurrencies that finished in the red included Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC).
In contrast, Twitter CEO Elon Musk's strong comments were seen as one of the key factors that helped the BTC coin limit its deeper losses.
Due to the prolonged market volatility following FTX's decline last week, Bitcoin (BTC) began the week trading below $17,000. Following the fall of FTX, the market has struggled to find support; BTC has been trading at this level throughout the day.
Elon Musk, CEO of Twitter, expressed his views on the coin, causing it to deviate from its current support level of $15,800. Musk responded to Jason Calacanis' tweet, saying, "BTC will make it, but it might be a rough winter."
Since the beginning of the week, the bitcoin market has performed poorly. Bitcoin, the world's largest and most well-known cryptocurrency, fell nearly 5% today to trade at $16,103, as the weekend's drop in cryptocurrency values continued.
According to the most recent data, the total value of all cryptocurrencies in circulation today is $845 billion, which is approximately 5% less than the $1 trillion mark. The price of Ether, the second-largest
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