Bitcoin crashes 6% again – What’s going on with Cryptocurrencies?

It seems like the green days are gone for the cryptocurrency market. Since the end of last week, many events happened that dragged crypto prices downwards: Elon Musk “disowning Bitcoin“, Bill Gates’s negative statement regarding cryptocurrencies…All of which helped to create a snowball effect on the selling side. What’s going on with Bitcoin’s price, and what does a Bitcoin crash mean for the whole cryptocurrency?

Bitcoin Price Prediction – Prepare for the worse

Bitcoin’s market dominance is clearly visible, as so far, in the past 24 hours, Bitcoin lost around 6% in prices, while the whole cryptocurrency market also lost around 6%. Now of course we have coins that lost much more, but they kinda averaged out with other winning coins to reach a 5% total loss.

Currently, Bitcoin just managed to retrace on a very important support area, which is the USD 45,000 price mark. That’s basically the third time that Bitcoin retraces around that price, and in figure 1 it’s clearly visible with the yellow circles. Breaching that price area downwards might signal a short-term bear market. On the other hand, we can clearly see a correlation between Bitcoin’s chart and the Crypto Market as a whole chart to USD. In figure 2, we can see how the whole market’s price action is still heavily influenced by Bitcoin, with the EXACT same behavior, and with the 1.33 Trillion price mark as its strong support area as well.

The Top 10 Cryptos follow the Bitcoin Crash

In the past 24 hours, all of the Top 10 cryptocurrencies were seen heavily in the red, with the exception of Cardano which is currently up by 7%:

1- Bitcoin (BTC) : – 6.67 %

2- Ether (ETH) : – 8.36 %

3- Binance Coin (BNB): – 8.12 %  

4- Tether (USDT) : 0 %

5- Cardano (ADA) : + 6.69 %  (surpassing Polkadot) 

6- Polkadot (DOT) : – 9.41 %  

7- Ripple (XRP) : – 7.04 % 

8- Litecoin (LTC): – 10.98 %

9- Chainlink (LINK) : – 8.60 % 

10- Bitcoin Cash (BCH) : – 10.08 %

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Rudy Fares

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