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Bitcoin Slumps Below $23K, Crypto Market Losses $50B in 2 Days, What to Expect Next?

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VOC, Voice of Crypto, Bitcoin, BTC

The Bitcoin price followed bullish momentum from July 17 to July 24. The top coin reached a high of $24,276, but in the last two days, the price of Bitcoin highly retreated and dropped to a 6-day low of slightly above $23,000.

As the major cryptocurrency witnessed a significant price correction, other altcoins like ETH, SOL, and MATIC also tumbled by more than 5%.

Bitcoin Slips Below $22K

Last week, Bitcoin enjoyed a massive price spike, climbing above $24,000 and marking its highest price point in over a month.

During this time, bulls tried hard to push the price above the $25,000 line, but the market situation did not favor this bullish price movement.

The major setback in BTC price was due to Tesla selling 75% of its BTC holdings in Q2. Following this announcement, the cryptocurrency lost over $2,000 in a day. Initially, the asset gained momentum and entered the weekend at $23,000.

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However, soon after Tesla’s Q2 report and prevailing macro-economic conditions, the bears regained control over the market and pushed BTC south hard. 

As a result, the flagship cryptocurrency fell by over $1,000 and dumped to a 6-day low of under $22,000.

As of now, Bitcoin’s price has sustained above $20,000, but it’s 4% down in the last 24 hours, and its market capitalization has declined below $400 billion.

 BTC Future Price Movement

Since July 21, Bitcoin has been trading inside a descending parallel channel on the three-hour chart. Such channels usually indicate a price breakout to be expected soon.

VOC, Voice of Crypto, Bitcoin Price Analysis

In addition, Crypto analyst Justin Bennett believes that Bitcoin Price is expected to Plunge as low as four figures.

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Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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