Bitcoin Crashes To A 2-Week Low At $38K: Price Analysis

Bitcoin crashes to a 2-week low at $38K and it continues to gradually dump lower with most of the other altcoins bleeding out even more so let’s read further in today’s latest Bitcoin news.

Bitcoin’s troubles enhanced over the past 24 hours as the asset dropped by a few thousand dollars to a new low of $38,000. the altcoins are deep in the red once again as Ethereum dropped to $2600 and Cardano dropped below $1 with AVAX being below $80. It is safe to say that BTC has seen better days which were not that long ago and the cryptocurrency recovered from the latest up to $42,000 and jumped to almost $45,000 but it failed to continue increasing as the bears came into play and they pushed the asset south with BTC struggling to remain above $40,000.

It initially managed to maintain this level and the bears kept the pressure quite strong and drove it below the level of the start of February. The landscape worsened in the next few hours and BTC dropped to a little less than $38,000 which became the new low in the past two weeks. As such, the BTC market cap declined to $725 billion after almost hitting $850 billion a few days ago. Bitcoin crashes to a 2-week low while the alternative coins all suffered over the weekend. Ethereum dropped by another 6.5% on a daily scale while struggling to remain above $2600 and it is worth noting that the second biggest crypto stood above $3200 earlier this week.

The situation worsened with the rest of the larger cap altcoins as Binance Coin slipped below $380 after a 6.5% decline of its own and Cardano also trades below $1 following a 7% drop with Avalanche being below $80. Terra, Solana, Polakdot, Dogecoin, CRO, and MATIC are all in the deep red while SHIBA lost the most of about 11.5%. most of the lower cap altcoins are in worse shape as they were led by double-digit losses from BitTorrent whcih dropped by 16%, Harmony which dropped by 11% and Helium dropped by 10%. the entire market cap is down by almost $100 billion in one day to just over $1.7 trillion.

As recently reported, Bitcoin hit its lowest 2022 point in the year to $33,800 and since then, the flagship cryptocurrency as well as with the rest of the industry was pushed into the mainstream when the Super Bowl ads from Coinbase and FTX, and others championed the industry in front of millions but that hasn’t been reflected in the BTC price which remains on a broad downtrend for the year so far.