What Happened to Bitcoin Price Today?

Bitcoin, the most popular cryptocurrency to invest in, is down over 1% today (Saturday, December 23). The sharp fall in Bitcoin’s price earlier this week led to a flash liquidation of derivatives contracts to the tune of $100 million. 

Even after falling to the $40,000 level, Bitcoin rebounded to the $42,000 mark in no time and is currently trading at over $43,000. Bitcoin, for the past week, has been trading in the range of $40,000 to $42,000, which clearly shows that there is resistance at higher prices. 

Bitcoin Price Movement This Year

Bitcoin’s all-time high currently stands at $68,789.63. The Bitcoin price is currently trading at around $43,636.72, which shows that there is enough room for growth for Bitcoin to at least reach and cross Bitcoin ATH. 

Bitcoin price has been fluctuating for the past year. In the last 30 days, Bitcoin’s price has surged more than 16% while in the last one year, it has given a growth of nearly 159%. 

Several major events like FTX collapse and Terra Luna crash combined with FED’s increasing interest rate hikes and other global economic conditions, Bitcoin price has been on the downtrend in H2 2022 and H1 2023. Even though there were considerable price surges a couple of times this year, Bitcoin couldn’t break out the $32,000 mark. 

All of that changed from October 2023. Bitcoin’s price surge that started at the end of October is still continuing with small price drops in between. As soon as the December month entered, Bitcoin’s price further increased, breaching the $40,000 mark. 

Bitcoin Price Today

The Bitcoin price is hovering at $43,600 today, recording a more than 1% drop in its price. While the BTC price is on an overall uptrend price movement in 2023, its price is down today. These small price drops of this kind are inevitable when the price goes uptrend for any financial asset. 

The major reason for price drops during an upward trend is due to price correction. Investors who already hold BTC try to sell their holdings to book profits. When a considerable number of investors do the same, it will have an impact on Bitcoin’s price. So, the current price drop is the result of a price correction. 

Bitcoin Price Prediction 2024 : Can Bitcoin Reach $50,000? 

With every price hike, Bitcoin is getting closer to the $50,000 mark. The cryptocurrency, which was once closer to the $70,000 mark, is now nowhere close to reaching its all-time high. But crossing the $50,000 level seems possible. 

Bitcoin’s price can continue to rise if fresh capital inflows continue to come. Moreover, it would need the current holders to keep defending the new support and resistance levels. Also, Bitcoin should worry about the bears that might be waiting to seize control of the market if the cryptocurrency’s price drops further. 

Conclusion

Long story short, even though Bitcoin price recovered from the price drop this week, it is down by more than 1% today. If we zoom out, Bitcoin’s price trend is impressive in December so far. This has provided long-term holders with enough optimism to stick around and wait for the rise of Bitcoin’s price. Bitcoin, which is now slowly and steadily, inching towards the $50,000 mark, needs further support from the backers to breach the landmark again. 

FAQs

What is Bitcoin’s latest price? 

Bitcoin is currently trading at around $43,000. The coin’s price has surged more than 16% in the past month as well as more than 158% in the past year. 

What is Bitcoin’s current market cap? 

Bitcoin’s current market cap is $853 billion. Bitcoin’s all time high market cap stands at $1.28 trillion.

Why did Bitcoin’s price fall today? 

Bitcoin’s value has declined this year due to a deteriorating macroeconomic environment and the downfall of major industry players like FTX and Terra. The Bitcoin price fell by 1.17% today, which is a result of price correction.