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The rate of the first cryptocurrency updated a three-week low during the trading session on Thursday. So, the value of BTC fell below the $57,600 mark for the first time since October 28.
At the time of writing, the price of the digital coin balances at $58,200. Thus, bitcoin lost more than 2% during the day, and its capitalization level sank to $1.1 trillion.
Recall that just over a week ago, on November 10, bitcoin broke the historical record at $69,000 after the previous April high of $65,000. Since then, bitcoin has fallen in price by 15%.
By the way, the capitalization indicator of the global cryptocurrency market, which sank below $2.7 trillion and lost more than 3% in a day, also reported a similar loud anti-record (a three-week low). Experts attribute the negative dynamics of the capitalization of the global virtual asset market to a sharp drop in the value of BTC and leading altcoins. So, during the week, Ethereum and Binance Coin sank by 12% to $4,000 and $557, respectively, while Solana and Cardano declined by 14% to $200 and $1.8, respectively.
Experts fear that such a frightening decline in bitcoin could provoke an active capitulation of crypto market investors. In addition, many participants in the digital asset market may rush to take profits after the spectacular October growth.
On the eve of the popular cryptanalyst and founder of Fairlead Strategies, Kathy Stockton, said that if bitcoin cannot settle above the key mark of $58,000, then it will have another collapse of another 12% ahead of it.
At the same time, if a drop below $58,000 still happens, then BTC simply will not find tangible support earlier than at $52,900.
In addition, a decrease to $52,900 will make it possible for bitcoin to collapse by 12% from current levels and the transition of digital gold to a bear market.
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