Bitcoin: Very technical price movement
The ongoing bearish movement for Bitcoin and cryptocurrencies in the short term is proving to be very technical. Many experts are wondering how much the capitalization of the king of cryptocurrencies will fall?
BTC: waiting for the price movement on the weekend
In fact, watching today’s prices, the movement stopped to test important technical levels. It will be interesting to understand the evolution of the weekend. After a two-day pause, volumes began to rise again, confirming that the decline of the last two days was also a technical step.
After more than a month of gains, this is the first week marked in red, a decline that affects sentiment in the short term, as evidenced by the Fear and Greed index, which fell to its lowest level since mid-January.
Overall capitalization is falling, and Bitcoin continues to defend its market share, remaining above 60%, the level it has held since November last year.
The crypto asset confirms a period that was clearly influenced by very technical movements. In fact, the rebound over the past 48 hours that has brought prices back below 50,000 coincides with the dynamic uptrend line that was broken on Monday. The test rejected prices, which in these hours reach the lowest level since February 8.
The $ 44,000 support level, which is currently the lowest to date, is an area to keep an eye on over these two days of the weekend.
How much will the capitalization of the cryptocurrency market fall?
Despite the many bullish events surrounding BTC, the flagship cryptocurrency has failed to keep the price above the $ 50,000 level. According to CoinMarketRate, BTC has lost 8.6% in the last 24 hours, and in the last seven days it has lost more than 10%, and is currently trading at $ 47,707.
As expected, the fall in the price of Bitcoin led to the fall of other altcoins. Ethereum is down more than 11.97% and trading at $ 1,505. 51, Binance Coin (BNB) is down 13.64%, trading at $ 232, and the red trend dominates most of the leading cryptocurrencies.
News of Coinbase’s S1 registration, filed with the Securities and Exchange Commission in connection with its public offering application, was not enough to keep the market optimistic as the week draws to a close. In addition, MicroStrategy’s latest $ 1 billion purchase of Bitcoin was not enough to move the market off the ground. Many fear that this current downtrend and failure to trigger a bullish correction could signal the end of a long bull run cycle that debuted in late 2020.
The global capitalization of the cryptocurrency market has reached a high point in this bull season, surpassing $ 1 trillion for the first time in history. However, against the background of the ongoing market collapse, the market capitalization is losing the profits made in recent months.
At the time of writing, the cryptocurrency’s market capitalization is fixed at $ 1.46 trillion, down more than 11.69% in the last 24 hours. At this rate of decline, the capitalization of the cryptocurrency market will again fall below the $ 1 trillion mark.
Volatility is currently affecting the market, and since most of the cryptocurrency market is trading in the red, the fluctuations illustrate the instability that is shaking the global cryptocurrency market.