By FintechNews staff
-The price of bitcoin appeared close to recovering above $60,000 over the weekend but has slipped once again at the start of the week, falling below $58,000 on Monday morning.
-Several other leading cryptocurrencies also suffered losses, including Ethereum (ether), Binance Coin and Cardano (ada).
-The downturn saw the overall crypto market fall by more than 2 percent overnight, though it remains above the $2.5 trillion mark.
-Bitcoin has entered a correction after flying past previous highs at the beginning of November. BTC is currently trading at around $58,000 — nearly 16% below its all-time high price of $69,000 registered on November 10, according to the Clark Moody Bitcoin Dashboard.
-It places the market in a kind of limbo, with analysts divided over whether the market has lost its momentum and is entering a bearish phase, or instead the latest price dip is a result of a minor correction that will precede new all-time highs before the end of 2021.
-Whenever price dips, newcomers get nervous while long-timers enjoy buying the dip and stacking cheap sats.
-Armed with a foundational knowledge of Bitcoin and an experienced past of BTC’s ups and downs, Bitcoiners who have been part of the community for a while no longer get affected by the extreme fear that price dips inundate the market. They profit from it. Whenever bitcoin crashes, Bitcoiners are the first group to step up and meme “buy the dip” into reality because they know that, historically, the price trend has been upwards.