The decline in recent weeks continues on this Sunday. The crypto prices are strongly in the negative and are even approaching the low point of the huge correction earlier this week. So the panic in the market is still going strong! In this article a small overview of the developments today with the current bitcoin (BTC) and altcoin price information.
Bitcoin (BTC) Heading into the 50-week MA?
The downward movement that started two weeks ago has continued today, pushing the bitcoin price deeper into the $ 30,000 zone. Yesterday we saw the bulls attempt to break the centerline of the Bollinger Bands on the 4-hour chart but this was unsuccessful. As happened in the past week and a half, bitcoin was rejected here.
With increasing trading volume with the sell side prevailing, bitcoin is currently dropping to a price of $ 33,737 on crypto exchange Coinbase. With this, bitcoin seems to really fall through $ 35,000, a price level that has offered resistance and support several times in the past and is therefore an important price zone.
A new test of the $ 30,000 is also becoming more plausible. This was the low point of last week’s rapid crash, and another descent towards this price level was one of the scenarios already mentioned by our analyst Michael of the Week.
If bitcoin also drops through $ 30,000, then $ 28,000 is a very important support. This is where the 50-week Moving Average (MA) resides and was the swing low after the January correction. For the bulls, this price level is therefore an important one to keep intact.
Cardano (ADA) and Binance coin (BNB) are hit hard
The altcoins are not doing much better. There we see ethereum (ETH) falling by $ 2,000 after falling in value by 15.6% in the past 24 hours. The biggest blows fall at cardano (ADA) and Binance coin (BNB). ADA declined 21% in value and is now worth $ 1.20. Binance coin sees 24% of its value disappear.
All cryptocurrencies put together are now worth $ 1.3 trillion. Over the past 7 days, nearly $ 1 trillion in value spilled out of the crypto market during this correction.