Chris Weston, the head of research at Pepperstone Financial Pty, believes that Bitcoin ought to trade above the top of the present range of $40k for bulls to feel that they are out of vulnerability.
Bitcoin suffered its biggest decline in 10 days which has fallen by 11.19% in the past 24 hours, with the net outflow of institutions reaching a record of $141.4 million last week.
On-chain metrics provider Santiment revealed that the latest correction in the market has made Bitcoin’s average 30-day trader returns slip to lows not seen since Black Thursday.
The largest mainstream cryptocurrency Bitcoin continues another round of sell-off after a roller-coaster week trading. On Sunday, Bitcoin's biggest drop reached to 18% and fell to the lowest $31,111. This price was almost half of the $64,854 Bitcoin hit its All-Time High (ATH) on April 14 this year.
Elon Musk's tweet on Bitcoin payments being halted at Tesla generated a plunge in Bitcoin's price. The cryptocurrency plummeted to $42K before recovering in price, following Musk's clarification on Tesla's Bitcoin holdings.
After Elon Musk's announcement Tesla will no longer be accepting Bitcoin payments due to its environmental footprint, Bitcoin dropped by nearly $10,000.