Bitcoin Finally Rebounded To $42K After Dropping To $39K

Bitcoin finally rebounded to $42,000 after the strong volatility in the past 24 hours that led bitcoin below $39,000 so let’s read further in our latest Bitcoin news.

The past 24 hours were quite exciting in the crypto market which went on a rollercoaster. The entire ordeal left about $350 million worth of liquidations as BTC dipped to a multi-month low below $39,000. Now bitcoin finally rebounded to $42K. Yesterday was quite a difficult day which was characterized by a drop in the price of the leading cryptocurrency. The daily candle opened and closed at the exact same time with a 0.07% decrease.

While the price opened at $41,850, it hit $42,250 and bottomed near $39,558 according to the data from Bitstamp. The latter is the lowest point since September 21^st, 2021. it is worth noting that BTC spent about a few minutes below $40,000 with the bids quickly filing and catapulting the price back above the key level. At the time of writing, BTC is trading near $42,000 as it touched the $42.6K in the interim. The rollercoaster took over the entire market with most other altcoins going thorugh a similar path. Ethereum for example dropped below $3,000 before managing to recover.

It’s worth noting that we saw around $350 million worth of liquidated long and short positions in the past 24 hours which only shows the huge volatility. The traditional markets didn’t make an exception as most of the market-leading indexes like the S&P500 opened in the red. There are some exceptions and even though it went through turbulent times, NEAR Protocol is up 13% in the past day while Olympus’ OHM is down by 30% making it the coin that lost the most.

As we saw the charts yesterday, The market is down below $2 trillion and bitcoin reached $40,500 with most of the other altcoins suffering just as bad. Bitcoin’s situation got worse once again as the asset dropped to a three-month low and most altcoins followed with the overall losses from the past three days reaching $300 billion. It’s also safe to say that the main cryptocurrency has seen better days. They weren’t all that long ago as it traded near $47,000 and tried its hand at $48,000 on Wednesday. However, the bears took complete control in the next 72 hours and they even dumped BTC by $4000 before another drop occurred when the asset dropped below $42,000 on Friday.