💥 Bitcoin Price Drops Amid Market Volatility

After Bitcoin (BTC) hit $70,000 last Monday, hopes for a new all-time high were dashed as the price dropped to $63,000 due to the Federal Reserve's decisions and geopolitical events. Following a historic decline in Japan’s economy, BTC briefly fell below $49,000 on Monday. However, a recovery in BTC's price was observed today.

Crypto analyst Credible Crypto commented on X about the recent market movements, highlighting a "nice wipeout" in open interest (OI), which tracks the total number of outstanding derivative contracts for BTC. He noted that this reduction in OI, caused by liquidations, is generally seen as a bullish signal. He also emphasized that this market correction is "only a temporary dip" and maintained his medium to long-term optimistic outlook. He advised taking advantage of discounts on strong coins, as they will likely recover faster.

As of now, Bitcoin has rebounded from its low of $48,800 and is trading at $56,600, a 3.82% increase. The market cap has also climbed back to $1.17 trillion. However, BTC's 24-hour trading volume saw a 49% drop, falling to $53.3 billion.