The price of Bitcoin is experiencing a daily retracement of nearly 20-25% today, January 22, amid a significant decline in the broader market. After reaching a new high of $30,000 earlier this week, the price of BTC has seen significant declines in the past few days, managing to recover to $10,900 yesterday. However, the asset has entered a new bearish period in the last 105 hours and is currently trading around $2,400.
Analysts at Santiment have observed that Bitcoin whales, or large investors, have gained momentum this week, coinciding with Donald Trump’s inauguration as U.S. president and the cryptocurrency’s new all-time high of $109,300. They believe that the participation of key stakeholders has played a major role in the recent bull cycles seen in the crypto market, suggesting a bullish context.
As of the time of publication, the price of Bitcoin is quoted at $101,968, reflecting a 2.8% decrease in the last 24 hours. In terms of other currencies, this is approximately 636,903.24 Brazilian Real (BRL) and 101,104.44 Euro (EUR). Over the course of the week, Bitcoin has shown a 2.9% appreciation.
Furthermore, altcoins, or alternative cryptocurrencies, are also experiencing significant lows today. Ethereum has seen a pullback to $2,300, Dogecoin is trading below $0.35, and Cardano has lost the $1 level. As a result, the overall market cap has dropped by 4.3% in the last 24 hours, currently standing at $3.6 trillion.
Following Bitcoin’s recent movement, most major cryptocurrencies have seen considerable price increases in the last 24 hours. Ethereum is trading at $3,207.11, reflecting a 3.7% drop in its price. XRP is trading at $3.08 with a 3.1% drop, while Cardano is priced at 0.9603 after recording a 4.4% drop. Solana is trading at $4.8.
Tags:
Bitcoin (BTC)
Cryptos
[Image: TradingView]