In the cryptocurrency world, surprising market momentum is not as uncommon as some may believe. While no one really expected the Bitcoin price to retrace so violently all of a sudden, a correction was on the horizon in any case. Right now, the drop to below $5,500 may seem scary, albeit it will likely end up as a blip on the chart in a few days from now.
Bitcoin Price Retraces Sharply
When the world’s leading cryptocurrency decides to take a break from its bullish trend, the altcoins are quick to drop in value as well. Right now, the entire top 20 in the crypto rankings is in the red, except for Tether, which is a stablecoin. Bitcoin’s sudden downward spike has caught plenty of traders by surprise, albeit it is not necessarily something to be too concerned about it.
Over the past handful of hours, the Bitcoin price has lost 3.2% as it dropped well below $5.500 again. With a current value of just under $5,440, it would appear Bitcoin is still in a good place compared to just a week ago. This particular downtrend, while a…