Bitcoin Plummets Below $40K for First Time in 48 Days, Triggering Market-Wide Crypto Slide

On Monday, Jan. 22, 2024, the worth of bitcoin fell beneath the $40K mark for the primary time in 48 days, as per market evaluation. In the final 24 hours, bitcoin witnessed a 4% decline, with a 14.2% lower noticed over the previous two weeks.

Bears Take the Reigns—Bitcoin Falls Under $40K Amid Market Turbulence

Since early December 2023, particularly since Dec. 5, 2023, bitcoin’s value has remained above the $40K threshold. The main crypto asset by way of market worth reached a peak of $49,000 on Jan. 10, 2024. However, this excessive was short-lived. Subsequently, the value descended to the $45K bracket. Over the latest days, it has struggled to keep up its stance within the $40K territory, finally dipping beneath this threshold at 2:15 p.m. Eastern Time (ET) on Monday afternoon.

Currently, the worth of bitcoin has dropped to roughly $39,400, with a commerce quantity of about $25.81 billion at 2:15 p.m., a big improve from the $16.58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is present process a downward pattern, marked by heightened volatility and a notable decline in its value. The surge in buying and selling quantity throughout this downturn hints at a doable panic-induced promoting spree, particularly as the value falls beneath the $40,000 degree, a key psychological assist level.

The latest dip in BTC’s value has additionally crammed a CME hole that existed across the $39,600 mark. In the hour following the plunge, bitcoin lengthy positions amounting to $25.57 million have been liquidated, with $65.78 million in BTC longs eradicated over all the day.

The $39,000 #bitcoin CME Gap has closed

— TMG ₿ (@MartiniGuyYT) January 22, 2024

This downturn in bitcoin’s worth has triggered a ripple impact throughout quite a few cryptocurrencies, contributing to the general $1.59 trillion crypto market economic system’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% lower in the identical timeframe.

What do you consider bitcoin plunging beneath the $40K vary on Monday? Let us know what you consider this topic within the feedback part beneath.