The correction in the crypto market accelerated at the end of the week, with Bitcoin prices falling to their monthly low. The last time BTC fell below $56K was on Oct. 13, but it soon recovered to a new all-time high of $69K on Nov. 10.
Bitcoin prices fell to a monthly low of $ 55,650 during Friday morning’s Asian trading session, according to Tradingview taking prices from Binance. The drop marks a loss of 6.7% on the day, as reported by CoinGecko.
As of this writing, the asset has rallied slightly to trade at $ 56,220, but it has been trending steadily downward since the start of this week. Bitcoin has now fallen below the 50-day moving average and is currently hovering around support levels.
A fall below that could see the asset drop to the next support area, which is around $ 53,000.
Bitcoin Analyst Reaction
Industry observers and Bitcoin technical analysts were not too concerned about the pullback, with most just talking about buying the dip.
CNBC host and crypto trader Ran Neuner commented on the fall below $ 56,000 attributing the leveraged positions to the current declines.
“I wish this market would just drop to $53000 so we could get all the leverage out and move on… this slow road down isn’t working!”
His fellow analyst Dylan LeClair monitors foreign exchange balances and he noted everything looks healthy there.
“The financial landscape was irreversibly changed during the response to COVID, and bitcoin has been adopted by an increasing number of people, institutions, and even governments accordingly.”
Bitcoin is currently trading down 18.5% from its high just nine days ago, but no one seems too concerned yet.
Elsewhere on Crypto Markets
The total market capitalization has shrunk by 6% over the past 24 hours to $2.6 trillion. As usual, the rest of the altcoins are bleeding profusely, with Ethereum losing 5% falling to just over $ 4,000.
Other major losers today include Solana (SOL) dropping 8%, Ripple (XRP) dumping 7%, and Shiba Inu (SHIB), shedding 10.5% on the day.
The only top two 50 coins countering the trend at the moment are Metaverse-based Decentraland (MANA) which is up 20%, and Sandbox (SAND), adding 13%.
