Bitcoin Price Drops Below $58,000 After Reaching Daily Peak

Bitcoin Price Drops Below $58,000 After Reaching Daily Peak

Bitcoin's price has experienced a steep decline, falling below $58,000 shortly after reaching its daily peak. This volatility has created challenges for altcoins, with no signs of a substantial recovery yet. Short-term traders selling at higher levels have further complicated the situation.

LUNA Coin Price Prediction

The majority of altcoins are suffering losses, and LUNA Coin is no exception. The consequences of the collapse triggered by Do Kwon and his team in 2022 are still being felt. It served as the catalyst for the bankruptcies of Celsius, 3AC, FTX, Genesis, and others.

Kwon has been sentenced in the US and Terra is facing billions of dollars in fines. Additionally, the decision to extradite Kwon to South Korea has been overturned. Despite the seven extradition orders, Montenegro has annulled the decision, ruling it erroneous.

Under these circumstances, the Terra team has limited time to focus on the network's development. Competition is intensifying, and Terra lost popular applications during its initial collapse. The network has remained stagnant following the migration to rival networks.

PEPE Coin Price Predictions

PEPE Coin, with a support level of $0.00000597, could potentially drop to $0.00000456. Despite this, hopes remain high as the coin is close to its all-time high target. A break above $0.00000917 could trigger another attempt at a new all-time high.

The decline in Bitcoin's price, despite finding support, indicates ongoing buyer interest for the time being.

Conclusion

If Bitcoin falls to the anticipated $56,000, the support level will be tested. Otherwise, following the necessary support for an increase, the targets of $0.00001311 and $0.00001580 may come into play.