The past few weeks in cryptocurrency have been quite eventful, albeit not favorably for bullish investors.

Starting last Saturday, Bitcoin managed to rebound from a significant drop to $81,000, reaching between $83,000 and $84,000. However, this occurred while both gold and silver, historically seen as stable assets, plummeted by significant margins on Friday.

Unfortunately, volatility struck Bitcoin as it fell from $84,000 down to below $76,000 on Saturday. Despite attempts by bullish investors to drive the price back up, Bitcoin could only stabilize around $79,000 before slipping below $74,000 on Monday. This bearish trend continued for several days.

A significant sell-off occurred yesterday, bringing Bitcoin down to $60,000. As a result, it erased all gains made after Trump’s reelection in late 2024, dropping below pre-election price levels. Analysts suggest that factors such as geopolitical tensions, the appointment of a new Fed Chair, and rampant leverage in the markets contribute to this downturn. Just last Thursday, more than $2.6 billion in leveraged positions were eliminated, marking a severe shake-up.

At the moment, Bitcoin has bounced back to $67,000, yet it remains nearly 20% down for the week. Other altcoins faced even greater losses: ETH fell by 28%, BNB by 23%, LINK by 21%, and XMR by 26%. Conversely, HYPE has shockingly risen by 19% during the same timeframe.

Market Data

Market Cap: $2.38T | 24H Vol: $360B | BTC Dominance: 56.6%

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In conclusion, the ongoing market turmoil has raised concerns, widely discussed among analysts. As the crypto landscape evolves, the focus sharpens on recovery potential and future price dynamics.