Crypto Currency News

Bit coin price: BTC drops 3% to trade below $ 56,000

Specialists suggest that the price of BTC could fall further in the coming days.

Bit coin (BTC) opened the day today with a deep correction, which brought its price to levels close to $ 55,000. The crypto currency, which hovered above $ 58,000 for the entire past week, finally failed to beat the level and fell by 3%. At the close of this note, the price of BTC is $ 55,238, just over 10% less than its all-time high.

Specialists suggest that the price of BTC could fall further in the coming days, as the expected support is at USD 53K. Likewise, they mark that a deeper correction towards 50k (which represents a decrease of 20% from the ATH of March 13) would be “a normal and healthy movement for the market”.

In that lower gap construction, the crypto currency could see its best buying opportunity at $ 49,000, just after breaking the support set at $ 50,800.

Expert opinions on how to operate in this field are diverse. On the one hand, Crypto trader Ed, as quoted by Coin telegraph, expects BTC to drop to 53K and “previous lows in BTC will be removed before a significant bounce can be seen.”

Ki Young Ju, CEO of CryptoQuant, was somewhat more optimistic and remarked that “everyone’s run is not over yet”, so he will take advantage of the current correction to “buy the dip”.

The altcoin market experienced declines in all its main assets. Ethereum (ETH), which fell back to the level of $ 1,600 yesterday afternoon, accumulates a 4% drop in the last 24 hours and its price oscillates at $ 1,710

Binance Coin (BNB) and Cardano (ADA) continue to decline 2% and trade at $ 260 and $ 1.16. Lastly, XRP and Litecoin (LTC) fell by 0.5% and 4%, respectively, and their price is at $ 0.57 and $ 187.

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