The price of the leading cryptocurrency continued its correction, falling to early December levels.
At one point, the rate dropped to $39,431. At the time of writing, digital gold is trading around $40,017.
Bitcoin dipped slightly below $39,000. Prices are “trying” to hold above this level.
The downward movement in Bitcoin’s price was accompanied by numerous liquidations of long positions.
Among the top 10 crypto assets by market capitalization, Solana experienced the steepest decline, dropping 5.4% over the past day.
Since the approval of 11 spot Bitcoin ETF applications in the US, Bitcoin’s price has decreased by approximately 13%, from around $46,000 to current levels.
Previously, former BitMEX CEO Arthur Hayes predicted a drop in the leading cryptocurrency’s price below $40,000, citing deteriorating liquidity in the financial system as his rationale.