CoinDesk Report:
The Bitcoin market suffered a huge blow earlier today, with the asset falling from a high of $61,055 to a low of $57,800. At the time of writing, BTC’s trading price is $58,854.99, up 3.60%. Other parts of the market also followed suit, with strong players like Ethereum (ETH) and Solana (SOL) falling 4.40% and 8.96% respectively in the past 24 hours.
The asset is currently 20.2% lower than the all-time high of $73,750.07. This high was reached four months ago in March 2024. The price of BTC is currently at its lowest level in two months. After a deadline that was delayed for many years, several experts have linked the recent decline to Mt.Gox’s plan to start returning funds taken from customers in the 2014 default in July 2024. Repayments will be made in Bitcoin and Bitcoin Cash (BCH), which could bring selling pressure to the market. While the market is immersed in bearish sentiment, some assets remain optimistic.
Bitcoin investors remain optimistic
The Bitcoin market is divided between investors who sell quickly when prices fall and those who continue to accumulate. Data from Santiment shows that retail buyers are actively acquiring Bitcoin below $60,000. According to Santiment,
“There are signs that this is a buying opportunity on the dip. Ideally, we wait for their enthusiasm to stabilize. The best time to buy is when they are impatient and doubtful.”
The graph above shows that the “buying the dip” mentioned on Reddit, X, 4chan, and Bitcoin Talk doubled in the two days after the recent Bitcoin drop. In addition, the Crypto Fear and Greed Index, which measures investor sentiment towards Bitcoin and the entire cryptocurrency market, is currently in the “fear” zone, scoring 44 out of 100. On June 25, it reached a 31, the lowest point in 18 months, and has since rebounded between 30 and 53.
Also read: Cryptocurrency: 3 trend coins to buy before Bitcoin reaches $75,000