Bitcoin Plunges to Weekly Low Amid Growing Volatility

Bitcoin ($BTC), the leading crypto asset, has reportedly gained significant spotlight while witnessing a noteworthy downturn in terms of price. As per CryptoRover, as of Monday, the flagship crypto asset has dropped to its 7-day low price level of $114,562.6. The crypto influencer took to social media to disclose that Bitcoin’s ongoing price downtrend highlights a sheer pullback from the recent highs, raising apprehensions. Hence, the investors are currently advised to stay cautious.

Market Volatility Pushes Bitcoin Below $115 as Asset Reaches 7-Day Low of $114,562.6

At the moment, Bitcoin ($BTC) is changing hands at $114,562.6. This price level points out a 7-day low in terms of price. At the same time, the market capitalization of the crypto asset has slumped by up to 0.21% to reach the $2.29T mark. However, the 24-hour volume of the top cryptocurrency stands at $68.4B after a 20.13% dip.

Simultaneously, Bitcoin ($BTC) has witnessed $3.5B in realized profit over the end of the week, expressing a 7% plunge from the ATH of $124,000. This has gained a market-wide attention amid the turbulent environment.  However, despite the current price hovering around $114, the 24-hour high of Bitcoin ($BTC) accounts for $116,977.6.

Traders Advised to Stay Cautious Until Market Stabilizes

The market onlookers consider the present market setting to be crucial and advise the traders to exercise caution. In such an environment, there is a great chance for a significant volatility driven by the short-term holders. The $116,977.6 mark serves as the immediate price support level.  On the other hand, $112,701.11 operates as the immediate support level.

Keeping this in view, as CryptoRover puts it, the Bitcoin ($BTC) investors need to be careful and keep holding during the market uncertainty. Additionally, the long-term traders are also “HODLing” while going through the current market turbulence. Subsequently, whether the respective drop is a provisional shakeout or the start of a comprehensive correction is still to be seen.