• Bitcoin (BTC) price has dropped to a low of $26,710.42, seeing a 2.04 percent loss in the past 24 hours and dragging the broader digital currency ecosystem into a bear zone.
• Investors are skeptical as to whether Bitcoin price will surge to $30,000 or dip to $25,000 first due to uncertain economic outlook in the U.S. and lack of new investments flowing into the industry.
• Experts have pointed out that existing liquidity is only moving around with only crypto true believers and active traders still participating in the market.
Bitcoin Price Slump
Bitcoin (BTC) has dropped to a low of $26,710.42, seeing a 2.04 percent loss in the past 24 hours and dragging the broader digital currency ecosystem into a bear zone. The current outlook in the price of Bitcoin has shown investors following whatever trend the broader stock market is trailing in the short term.
Will BTC Price Surge or Dip First?
Investors are now more curious as to whether or not Bitcoin is closer to hitting $30,000 or receding back to $25,000 first. There are a number of factors that will determine this direction such as interest rate hikes, economic outlook in U.S., lack of new investments flowing into industry and existing liquidity moving around with crypto true believers and active traders still participating in market.
U.S Debt Default Impact
The United States is currently on brink of its first debt default ever which has continued rattle markets with no one certain as what impact it could have on them if any at all leading investors largely avoiding risk assets like Bitcoin which has been trading sideways for some time now with very mild volatility since beginning of this week above resistance level at $27,000 before dropping overnight .
Experts have pointed out that very little liquidity is coming into industry through new investments or investors taking out funds leading many feeling stagnated markets where only those who believe strongly enough in it have stayed active so far .
Price Movement Factors
Growth in price of Bitcoin will depend on factors such as injection cash from institutional investors , increased demand for asset class , positive regulatory developments , progress made towards mass adoption by global institutions etc which can either attract new money coming into industry or not when assessing future movement .