Bitcoin and most major altcoins are struggling to hold on to their higher levels, indicating that the bears have not given up yet. Here are the most important things to know about this situation:
1. Bitcoin’s price has been hovering around the $30,000 mark for several weeks now, with occasional dips below that level. This is a significant drop from its all-time high of nearly $65,000 in April.
2. Other major altcoins, such as Ethereum, Binance Coin, and Cardano, have also seen significant drops in price over the past few weeks. This indicates that the bear market is not limited to Bitcoin alone.
3. Some analysts believe that this downturn is due to a combination of factors, including regulatory crackdowns in China and increased scrutiny from governments around the world. Others point to the fact that the cryptocurrency market is still relatively young and volatile, and that these fluctuations are to be expected.
In summary, Bitcoin and most major altcoins are currently struggling to maintain their higher levels, indicating that the bear market is still in effect. While there are many factors at play here, it’s clear that investors should be cautious when investing in cryptocurrencies and should be prepared for significant fluctuations in price.