Bearish Break for Bitcoin as it Hits New 2018 Lows
Bitcoin Price Analysis
Cryptocurrency apocalypse continues as market cap has dropped to $142 billion, with Bitcoin price also declining sharply, marking the eighth day of straight declines.
Total Market Capitalisation
Bitcoin had been trading in a descending triangle pattern with lower highs since February 2018. Last Wednesday, it broke the bottom price level of $5750 and the market continued to see further downward movement shortly after breaking major areas of market support. So far, Bitcoin is down 15% on the day and 25% in 1 week.
The recent market collapse has seen Bitcoin price drop to a 12-month low, and the sell-off is continuing in large volumes, showing significant strength behind the bearish movement.
BTC/USD
Although Bitcoin price had dropped below $6000 twice before in 2018, both times it quickly retraced back above. It seems this time it is different as FUD (Fear, Uncertainty and Doubt) seem to have taken over market sentiment.
Bitcoin market cap was at $110 billion before dropping drastically last Wednesday to $95 billion, now reaching an even lower level of $78 billion. If buyers do not step into the market and attempt to push price action higher, we could see Bitcoin decline even further.
BTC/USD
Based on the daily chart, Bitcoin is extremely oversold and one significant support to take note is the $3000 level, as it is a psychologically important level.
The market has been experiencing severe losses since the previous week began, with Ethereum losing more than 36% in the last 7 days. It is now in the 3rd place by market cap with 13 billion, while XRP has risen to 2nd place with a market cap of $17 billion, albeit losing more than 18% in the last 7 days.
XRP/USD
ETH/USD
While it is understandable that some investors may be taking money off the table and feeling discouraged from investing in the crypto markets at the moment, other investors are likely to be viewing the current market conditions as a buying opportunity.
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