Many expectations of a strong Bitcoin rebound have yet to come true today.
After hitting a low of $39,650 on January 10 of this year, Bitcoin generated a lot of anticipation for its next bull run. However, the recent market movement reflects on being contradicting such expectations.
Bitcoin’s price fluctuated between $42,000 and $41,600 during the course of two days (January 17 and 18).
A famous crypto analyst, Will Clemente, said that it “should be an interesting week” due to this top coin’s decline.
The cryptocurrency market is ruled by ‘extreme fear.’ Since the new year began with the drop of leading coins, the crypto market has been in the red. Fear dominated the global economy as investors worried about inflation, liquidity, and the US Federal Reserve’s next move.
According to Trading View, Bitcoin holders now sell more than buy. As expected, if its price drops to $40,000, many investors will sell to cut losses.
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