The price of Bitcoin slipped to $38,547 at 5:05 a.m. UTC on the Bitstamp exchange, hitting its lowest level since March 15.
It has struggled to bounce back after reaching the intraday low, currently trading at $38,917.
On March 28, the flagship cryptocurrency reached a yearly high of $48,234.
The cryptocurrency has been under pressure due to the U.S. Federal Reserve tightening its monetary policy at a rapid pace in order to tame inflation.
As reported by U.Today, Brandt recently predicted that the price of Bitcoin could continue trading sideways for years before starting another major rally that could occur in 2024.
The Crypto Fear and Greed Index, a widely tracked sentiment indicator, shows that Bitcoin traders remain gripped by “extreme fear.”
As for altcoins, most of them have underperformed within the last 24 hours, which is a common occurrence during market corrections.
Avalanche (AVAX), Cardano (ADA), and Terra (LUNA) have shed more than 6% over the last 24 hours.
Decred (DCR) is one of the few top 100 cryptocurrencies in the green, surging by more than 28%.
According to data provided by Coinglass, $223 million worth of cryptocurrencies has been liquidated over the past 24 hours. Long positions account for 88.72% of the wipeout.
The entire market capitalization currently stands at $1.8 trillion. Bitcoin's market dominance remains stuck at 41%.