- BTC suffers for the fourth day straight.
- Drops down dead completely at $30K.
- Further downward trend high.
The king of cryptos, the Bitcoin (BTC) yet suffers the same fate four days in a row, straight. Ever since the Federal Reserve’s decisions on taxation increase for BTC and other cryptos, ultimately affected the entire market.
BTC dropped down from $39K to a staggering low of $35K just within a matter of a few hours. This fall alone accounted for a massive dip of more than 15%. Sadly, the same scenario persists for the fourth day now.
Currently, BTC is being traded for a staggering low price of $30,540, with the graphs sinking down by 11.59%, taking into account the past 24 hours alone. This indeed marks the lowest price of BTC ever for the year 2022. Apart from this, BTC has not been at such lows since July 2021.
In addition to BTC, the entire market is down. Prominent altcoins such as Ethereum (ETH) and Solana (SOL) all are at extreme bears. ETH is trading currently for the price of $2,239 and the SOL at $63.94. All this ultimately instigates a fear among traders upon both cryptocurrency as well as stock trading too.
Speculations in Dip Buys
Everytime, the king BTC suffers from a downward trend, speculations arise whether we can buy at dips or not. On one hand, a flock moves over fighting each other to get their hands on BTC as much as they could. On the other hand, many fear to even trade and most even black out by selling off at losses.
Similarly, the President of El-Salvador, Nayib Bukele, puts out a tweet stating that he has managed to get on hands 500BTC, all for a mere price of $30,744. In spite of this, he is currently full of joy and still remains obnoxiously positive on BTC as always.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
Furthermore, those BTC skeptics and analysts point out that BTC will suffer even greater losses in the forthcoming days. The first point is suspected to be hitting the ground at $28K deliberately. If prominent defense at this point fails, then BTC will be going straight into the ditches at $10K!