Market analysts skeptical of rapid recovery as Bitcoin’s value drops below $57k

Bitcoin’s value plummeted below the $60,000 mark shortly after Binance Founder Changpeng Zhao’s verdict was revealed. At present, according to CoinMarketCap data, Bitcoin (BTC) is being traded at $56,900.
Amidst intense volatility, the volume of liquidations on crypto market futures contracts has surged. Coinglass reports that this figure has reached nearly $380 million per day.
The crypto market started declining soon after the former head of Binance, Changpeng Zhao, was sentenced to four months in prison. FxPro senior market analyst, Alex Kuptsikevich, informed crypto.news that the closing price on April 30 hit the lowest point since late February, confirming the downward trend and falling below the support levels of March and April, as well as the psychologically significant round level. Kuptsikevich does not anticipate Bitcoin’s recovery in the near future.
Mercuryo’s Chief Business Officer, Arthur Firstov, highlights that Bitcoin’s status as a high-risk asset has become evident during the recent tumultuous period that witnessed a significant pullback in the cryptocurrency market.
During the trial, Changpeng Zhao’s lawyers emphasized his cooperation with investigators and U.S. authorities, as well as the fact that he is currently not involved in managing Binance.
Following the announcement of the verdict, Bitcoin experienced a decline, causing the entire crypto market to enter the red zone.