Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours

Bitcoin isn’t the king of cryptocurrency for nothing. Most major cryptocurrencies have dipped incredibly low on Saturday, and that includes Bitcoin (BTC) but it doesn’t seem to budge. Bitcoin was trading at $39,510 late Friday, down 4%, based on charts by Coingecko, which signals dangerous waters in trading. Traders have incurred monumental losses in equity with this trend. It’s a consolation though that right now Bitcoin and other cryptocurrencies are frequently linked to stocks in terms of volatility in interest rates and market values. Suggested Reading | Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum The Big 4% Dip for Bitcoin Four percent might be too small to matter but it does to Bitcoin and all other cryptocurrencies. With that big dip, investors and traders are increasingly aware of the risks and have decided to wait on the sidelines and see what happens next rather than risk severe losses along the way. However, not taking action at the right time can hurt and decrease market returns. Altcoins also went further down compared to Bitcoin. Fundamentally, it is typical for altcoins to underperform when pitted with other cryptocurrencies especially BTC because it has a higher risk profile in comparison to BTC. Despite Dip, Bitcoin Remains Stable On a more positive note, technical indicators have shown that Bitcoin is meant to be more stable at $38,500 even with the reduced price momentum. Traders are alw...