November 26, 2022

Bitcoin Rebounds to $42K After Dipping to $39.5 K: Market Watch

2 min read

The past 24 hours were absolutely nothing except amazing in the cryptocurrency market, which went on an incredible rollercoaster. The entire experience left about $350 million worth of liquidations as Bitcoin, and the rest dipped to multi-month lows only to get better immediately after.

Bitcoin Dips to September 2021 Lows

The other day was an especially vicious day, defined by a significant chop in the price of the leading cryptocurrency. Surprisingly enough, the daily candle light opened and closed at practically the specific same time, charting a 0.07% decrease.

Nevertheless, while the price opened at $41,850, it peaked at $42,250 and bottomed at $39,558, according to Bitstamp. The latter is the most affordable point since September 21st, 2021.

It’s worth keeping in mind that Bitcoin invested no greater than a few minutes below $40K as the bids were rapidly filled and catapulted the price back above the crucial level. At the time of this writing, BTC is trading at around $42K, having touched $42.6 K in the interim.

BTCUSD_2022-01-11_11-15-43

Source: TradingView Rest of the Market Follows

As mentioned above, the rollercoaster took over the entire market as the majority of the altcoins also went through something comparable. Ethereum, for instance, dropped listed below $3K prior to recovering.

It’s also worth noting that we saw around $350 million worth of liquidated long and short positions in the past 24 hours, which is rather a sign of the tremendous volatility. The traditional markets made no exception as the majority of the market-leading indexes such as the S&P 500 opened at a loss too.

Of course, there are some exceptions. Even though it also went through turbulent times, NEAR Protocol is up 13% in the previous day, being the biggest gainer in the leading 100. On the other hand, Olympus’ OHM is down nearly 30%, making it the coin that lost the most.