Bitcoin drifts back to $65,000; 'deep value zone,' says analyst
Bitcoin has fallen another 3% since U.S. stock markets closed Friday evening, dropping to $65,000, a fresh 3-month low.
The world's largest cryptocurrency has steadily drifted lower by nearly 3% since the U.S. stock market closed on Friday evening, touching a fresh 3-month low of $65,000. Bitcoin is now trading at its range lows from earlier this year, continuing a downward trend that has seen significant losses across the crypto market.
Market Decline
Bitcoin's price drop is part of a broader market downturn, with the cryptocurrency down 13.5% over the past week. Other major cryptocurrencies have also experienced significant losses, with Ether falling 18%, XRP 16.3%, and Solana 18% during the same period.
Deep Value Zone
According to analyst James Check, Bitcoin is now in a 'deep value zone,' a level previously seen in February and late June of this year, and during late 2022's crypto winter. Check noted that the majority of those selling now likely FOMOed (fear of missing out) into Bitcoin just weeks ago above $80,000.
Historical Perspective
While being in the 'deep value zone' doesn't necessarily mean the bottom is in, Check pointed out that history shows those who begin buying at these levels eventually find themselves in profit. Bitcoin's current price represents a significant retracement from its recent highs, creating a complex situation for investors who entered the market at elevated levels.
Related
