Bitcoin Dipped Below $6,000, Crypto Market Sheds $56 BLN

Bitcoin dipped below the $6,000 level as the panic trading is still ongoing, on major crypto exchanges such as BitMEX. The leading cryptocurrency lost more than 11 percent in an hour, while the crypto market shed more than $56 billion as we are reading in the bitcoin news today.

The bitcoin prices show they are suffering more from the overall uncertainty on the markets and the latest slide of the price cannot be stemmed. The extreme panic on the markets and the rapid movement on the futures market as well deleted all of the previous value and Bitcoin dipped below $6,000 which is a level not seen since 2019. The Bitcoin price further distanced itself from the usual price range at $10,000 to $8,000 and performed a crash and burn during the European trading hours.

Bitcoin traded at $5,890 on BitMEX and the recent price drop happened on low volumes at $41 billion. The crash happened despite the latest reports on the USDT tranches that entered the ecosystem which they cannot counteract the panicked selling right now. After the initial shock, the Bitcoin price recovered to about ,132 but that was only a short excitement.
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The prediction saw a huge drop for the leading crypto between these levels but now the predictions dropped to lower than $5,000 while the cryptocurrency remains highly volatile.

Breaking below the long-term bullish trend could send BTC to another low price range, deleting the previous expectations for a smoother price action by starting a new rally. Bitcoin is still in uncharted territory which shows that the price action doesn’t follow the safe haven narrative. The current price dip is seen as holding and reaching stability or higher value, or just a major capitulation to lower prices. Bitcoin still faces a dramatic decision period ahead.

While selling on a whim over the past day, the large-scale orders put major pressure on the price before re-buying. The rapid crash created a new panic wave and the recent sell-off crashed the entire market by bringing down the entire crypto market cap to $172 billion which is the lowest level since the pre-rally at the start of 2020. The recent price crash started right after Bitcoin stalled during the climb above $9,200 while briefly holding on to levels between $8,000 and $7,000. The newly created panic will draw a new path for the benchmark crypto.