Coinspeaker
Bitcoin Price Steadies Around $42,000 after Sharp BTC Correction, What’s Next?
Bitcoin price experienced its most significant daily decline in almost four months, undergoing a substantial leverage wipe-out over the past 24 hours. The sudden and sharp correction, often referred to as a “flash crash”, saw BTC drop from approximately $43,800 to nearly $40,500 within a few minutes on Sunday evening.
Bitcoin Price Movement
Although prices swiftly rebounded to $42,400, they later declined again during US afternoon hours, reaching as low as $40,200. At press time, Bitcoin is trading at $41,888 with a market cap of $819 billion.
Popular crypto analyst Will Clemente said that correction shouldn’t be a surprise given that the BTC price doubled just in the last two months. “BTC just nearly doubled in 2 months with no pullbacks, a correction is not that surprising. Corrections shake out ‘weak hands’ and leverage, allowing for a stronger foundation for eventual moves highe
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