Bitcoin rebounds strongly after falling below $60,000
Why has the cryptocurrency market fallen sharply in the past few days?
During the early Asian trading hours, the entire cryptocurrency market was severely affected by the news that Israel attacked Iran. However, after this incident, top cryptocurrencies such as Bitcoin fell below the $60,000 level, falling to a low of $59,700, while Ethereum, the world's second largest cryptocurrency, fell below the $2,900 level and fell to a low of $2,878.
Although the entire cryptocurrency market has experienced a massive recovery, Bitcoin and Ethereum fell to lower levels at the time of writing, and are currently trading above $64,000 and $3,100 respectively. This shows that investors and institutions are not afraid of these ongoing conflicts.
After the birth of Bitcoin in 2008, the entire market collapsed. In addition to this, Lao Li believes that Bitcoin is one of the best assets to protect wealth and protect investors' funds in uncertain times.
But in the market, fear will remain, and investors will withdraw funds during uncertain times, causing the market to fall sharply. However, the upcoming halving event may be the reason for the rapid recovery of the crypto market.
Bitcoin’s Price Performance Analysis and Key Levels
Currently, Bitcoin is trading at nearly $64,600, with a massive price increase of over 5.5% in the past 24 hours. The reason behind the price surge is the upcoming halving event. If we look at Bitcoin’s performance from a longer-term perspective, in the last 7 days, Bitcoin was unable to gain momentum and the price fell by over 8% due to the release of CPI data and the conflict between Iran and Israel. However, in the last 30 days, the market has remained stable. Experts predict that Bitcoin may reach $120,000 after the upcoming halving event, which is also supported by CZ, the former CEO of Binance.
However, other top cryptocurrencies including Ethereum, Solana, Binance Coin, etc. have also experienced huge price increases. Despite the recent events, Ethereum has gained a huge upward momentum of 5% in the past 24 hours, Solana has experienced an upward momentum of over 11%, and Binance Coin has experienced an upward momentum of 3%.
Again, we are ready for the post-halving
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