With many looking for a major dump in Bitcoin (BTC) price, the price of Bitcoin (BTC) bounced from $15,500 as price rallied to a high of $16,500, leaving bears on the sidelines.
The price action displayed by Bitcoin (BTC) in recent times has yet to be encouraging after its erratic price movement, leading to the price of many altcoins, including Bitcoin (BTC), battling for survival.
The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600.
The past few days haven’t been the best of times for most crypto traders and investors, with many becoming worried as to where the market could be headed after so much turbulence in the crypto space as many altcoins have struggled to show strength, losing their key support in a bid to survive.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.