It has become kind of a hide-and-seek play as the price of Bitcoin falling so desperately within hours in a single day and then rebounding once again to a closer all-time high margin. After scaling yet another accomplishment by trading at $61k, Bitcoin took some retraction to $60k, and the following day it did drop to $58k. It seems that when this crypto takes two steps forwards, it goes three steps backwards. It has lost about $4k total in terms of the value, which has set such waves in motion that evaporated $120 billion from the crypto market cap within a day.
Bitcoin Falling Down to $58k
The crypto market is an extremely volatile place to invest your money, but at the same time, it is the place where you will be making quite handsome money if luck smiles on your face. In the case of Bitcoin, investors are becoming extremely keen to invest their money into buying heaps and heaps of Bitcoin when it is taking a tumble and then chipping it in when the crypto market is onto a higher trajectory. The main hindrance proposed here is the unsettling behaviour of the crypto towards stability; it would be doing fine one minute and then crashing into a bottomless pattern. This is what keeps investors and all of the crypto markets on their heels.
The same happened when it successfully smashed through the $60k price tier, but this was rather a short-lived state for Bitcoin as it retracted to settle for $58k the following day, thus losing about $4k in total value within a single 24-hour period. It seems that the bullish run that had accompanied Bitcoin since Mid-February did depart, and the vicious cycle of grave price dumps and rebounding closer to the expected high price has taken its place.
It is then the Bitcoin and crypto market that we are talking about, and nothing can be said for sure. Who knows that it might hold onto the current price stretch line, and the bullish trend accompanies it once again to be able to break the next price tiers as these come by.