Bitcoin Holds Support at $56,000... Weekly Drop of 10% Suggests Sideways Movement for Now

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The price of the cryptocurrency Bitcoin fell to $55,000 before narrowing its losses, but recovering to $60,000 seems difficult. While Bitcoin is expected to move sideways within a range, altcoins rose collectively.

As of 4:40 PM local time on the 19th, Bitcoin is trading at $57,878, up 0.11% compared to 24 hours ago. Bitcoin attempted a rebound after sharply dropping to the $55,000 range the previous day, but the rebound was limited.

On a weekly basis, Bitcoin has fallen about 10%, and about 20% from its peak, indicating that a correction phase is imminent.

Amid Bitcoin's weakness, altcoins are showing strong performance. Ethereum is up 5.4%, Solana 7.4%, Ripple 3.8%, and Dogecoin 3.4%.

Experts believe that a significant rebound in Bitcoin over a short period is unlikely.

Joo Ki-young, CEO of CryptoQuant, explained, "As Bitcoin weakness is expected, futures selling is occurring."

Alex Kuptsikevich, an analyst at FxPro, forecasted, "If Bitcoin's market capitalization falls another 5%, a bear market will begin." He added, "After Bitcoin dropped to half of its May peak, a rebound occurred," suggesting the possibility of further declines in Bitcoin.

Damian Dantes, an analyst at CoinDesk, analyzed, "The long-term uptrend of Bitcoin remains valid, but it is likely to move between the support level of $56,000 and the resistance level of $65,000."

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