Bitcoin (BTC) Price Prediction: BTC Market Cap Drops by 1.63% to $2.35 Trillion, Can the Price Bounce Back?

Bitcoin, the largest cryptocurrency by market cap has witnessed a significant decline in its value in the last 24 hours, trading below the $66k mark.

Bitcoin encountered a slight decrease in its value on Monday, dropping below the $66k mark as the global crypto market followed this downtrend with most coins trading in the red zone.

This drop in market value is mirrored by the investors’ mixed sentiment as shown in the crypto fear and greed index. The value points at 55, indicating a neutral stance among market participants. While investors are hoping for a potential price rally soon, the overall view does not look promising as top projects continue to slip.

General Crypto Market Experiences Decline

According to data from CoinMarketCap, the general crypto market cap experienced a drop of 1.63% over the last day, resting at $2.35 trillion. However, the trading volume across the market surged by 60.85% to $92.7 billion, signifying increased activity. Notably, the volume of stablecoins takes up more than 90% of the total volume.

At the time of writing, Bitcoin (BTC), the flagship cryptocurrency, declined by 1.2% to $65,246 in the last 24 hours. Additionally, the BTC trading volume within the recorded time increased by 82.16% to $35.08 billion.

This development also casts a shadow on the altcoin market. At the forefront, Ethereum (ETH), the second-largest cryptocurrency by market cap, dropped by 3.34% in the last 24 hours, trading at $3,404. Ethereum also experienced a rise in its trading activities over the last day by 34.66% to $19.1 billion.

Other top altcoins like Binance Coin (BNB) and Solana (SOL) lost 2.44% and 4.74% of their value within the last day. At press time, BNB is trading at $583.33, while SOL is changing hands at $136.

Toncoin (TON) dropped by 5.23% to $7.19. Meanwhile, XRP is the only coin in the top ten to have traded in green. XRP experienced marginal growth of 0.16%, trading very close to $0.5 at $0.4988.

On the memecoin market, Dogecoin (DOGE) and Shiba Inu (SHIB) plummeted by a significant 10.56% and 11.37%, respectively. Also, the total memecoin market cap crashed by 10.96% to $45.6 billion.

Can Bitcoin Price Bounce Back?

As a result of the global steady downtrend, the total crypto market volume lost over $45 billion in just one day. Bitcoin already has a critical support level at $64,883, a price slightly below its current price of $65k.

If Bitcoin loses this support level, it could trigger a further downward trend, creating panic that will lead to extended loss. However, if the price rebounds from this level, it could initiate a rally, pushing the price of the coin to establish a new support level at $66,000.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-prediction-btc-market-cap-drops-trillion-price-bounce.html

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