Bitcoin’s Price Rebounds After 30% Drop From All-Time High
The price of Bitcoin has bounced back after falling as low as $29,400, which represented a 30% drop from its all-time high. The coin has rebounded to its current value of $30,700.
The sudden drop today came when Bitcoin fell by over $2,000, in the last 24 hours after starting the day above $32,000. As a result of the dip, Bitcoin declined by almost 15% against the US Dollar, and by nearly 5% against its largest cryptocurrency rival Ethereum.Bitcoin traders who were optimistic that Bitcoin’s price was due to increase were disappointed. This price correction caused over $50 million in liquidations of long positions, indicating that many traders might expect Bitcoin to drop even further.
According to Coinalyze, the majority of these liquidations occurred on Binance, which saw approximately $22 million liquidated today. Coming in second is ByBit, which saw almost $15 million worth of liquidations take place as Bitcoin dipped below $30,000.
But despite the price drop, there remains a sense of optimism that Bitcoin will reverse course.
Abra Global CEO Bill Barhydt tweeted that Bitcoin’s price could range from anywhere between $36,000 to $60,000 by February 28, 2021.