Bitcoin is trading near its weakest level in 20 months, hovering around $58,600 after touching an intraday low of $58,120.
The sustained decline has pushed the asset to its lowest valuation in 21 months, dropping to approximately $58,000 as market sentiment remains fragile.
Despite the sharp correction, some market participants are viewing the pullback as a potential entry point.
Analysts cited by Nettavisen suggest that the current price action presents a buying opportunity, although they caution that the asset could face further downside before any meaningful recovery takes hold.
The broader sell-off reflects growing investor anxiety regarding the macroeconomic environment.
Concerns over the prospect of higher interest rates continue to weigh on risk assets, while confidence in major corporate buyers of digital assets has waned.