Nearly $5 billion was lost by investors due to Bitcoin; will it recover?
Nearly $5 billion was lost by investors due to Bitcoin; will it recover?

  • The decline in Bitcoin cost Tesla, MicroStrategy, and Block approximately $5 billion.
  • The 24-hour trading volume of bitcoin has decreased by 26.45%.
  • CoinMarketCap estimates that the price of one bitcoin is currently $23,125.
The market giants that invested in Bitcoin, including Tesla, MicroStrategy, and Block, suffered a loss of roughly $5 billion due to the reduction in BTC due to the downtrend in the crypto winter and its large decline over the last several months, according to data from Bloomberg. Bitcoin has a significant impact on the financial world and is being watched by numerous "whales" and industry leaders.

Nearly $5 billion was lost by investors due to Bitcoin; will it recover?


BTC has decreased since January 1, 2022, from its previous close of about $38,466 per month to the current figure, which is $23,103 as of this writing. This comes following a price increase of 0.90 percent in the previous 24 hours, according to CoinMarketCap.

Nearly $5 billion was lost by investors due to Bitcoin; will it recover?
BTC/USDT 1 Hour Chart (Source: TradingView)

BTC has been inside a bearish flag pattern since June 20, 2022, and it is moving sideways inside the channel, according to the 1-hour chart for BTC/USDT. It instantly decreases from its resistance level of $24,196.82 to $22,363 after contacting the resistance zone at $24,000 and is unable to overcome the resistance.

Bitcoin is still above the 200 EMA in both the 1-hour and 4-hour charts, indicating that after a few pullbacks it may return to bullish despite the negative retrace to $22,363. Although it is clear that Bitcoin cannot overcome the current selling pressure, which has a selling order block set at about $24,000, it will be difficult for it to move straight to the optimistic side.

On July 3, Bitcoin's reversal trajectory turned into an uptrend, and since then, it has consistently created a string of higher highs and higher lows. In this situation, following a number of consolidations, Bitcoin may most likely surge above its current resistance level and set a new higher high over the coming days.

Notably, BTC still holds the top spot in the cryptocurrency industry in terms of market cap with a total of over $442,322,418,219.96. The cryptocurrency community has been expecting for a market situation turnaround from the decline since since the market crash.


Disclaimer : The author's views and opinions are the only ones stated in this piece; they do not necessarily represent those of SONY Net Business. Nothing in this piece of writing should be taken as investment advice. All users are urged by SONY Net Business to conduct due diligence before to making cryptocurrency investments.