Bitcoin Started Declining After Its Rapid Rise

Bitcoin started declining after its rapid rise. Bitcoin, the leading cryptocurrency, fell 9.2 percent.

Bitcoin (BTC), the leading cryptocurrency, based on $61,000 as a result of the rally at the weekend, decreased by approximately 9.2 percent on the first trading day of the week and traded at $56,000. The biggest cryptocurrency BTC, which has surged nearly 1000 percent last year, has skyrocketed, with corporate interest and speculative demands. Pepperstone Group Research Manager Chris Weston pointed out that there are both good and bad entries in Bitcoin and stated that the cryptocurrency should stay above $58,000 in order to provide confidence that the coin is in an upward trend. However, the main debate about Bitcoin (BTC) prices is whether the economic support packages will increase the price of the cryptocurrency. Oanda Senior Market Analyst of Jeffrey Halley and Matt Maley from Miller Tabak share the view that there is a rebound potential in Bitcoin. Maley emphasizes that Bitcoin can quickly rise above $75,000, while Bloomberg Intelligence Analyst Mike McGlone says that $100,000 will be another threshold.   This article has contributions of Bloomberg HT.