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29 September 2023
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Recovery? Bitcoin Steps Back After $1000 Crush In 2-Days

Bitcoin continues to lose ground and large-cap altcoins follow along. Lower-cap alts are on the move again with some impressive double-digit price pumps.

Bitcoin has further declined to $11,750, while most of the larger-cap altcoins continue to bleed out with Ethereum close to testing $400. Lower-cap alts chart some notable performances in both directions.

Bitcoin Dips To $11,750

The primary cryptocurrency attracted the community’s attention a few days ago when it reached a new yearly high of over $12,450. Despite a slight retrace, the move seemed solid as Bitcoin stood above $12,000 for a longer period for the first time this year.

However, it was not to be as the bears came out swinging and took the asset down to $11,560 on Binance. BTC recovered some of its value and is currently trading at about $11,750.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

It may not come as a surprise anymore as gold couldn’t maintain its recent price pump similarly to Bitcoin. The precious metal exceeded $2,000 per ounce a few days ago but headed south to $1,920 before recovering to $1,940. As such, the two asset classes double-down on their identical performances as of late.

The most prominent Wall Street stock market indexes also closed yesterday’s trading session slightly in the red. The Dow Jones dropped by 0.3%, Nasdaq by 0.15%, and the S&P 500, which painted a new all-time high earlier this week, declined by 0.44%.

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