The crypto market is falling down-Bitcoin price continues to drop as the selling pressure intensifies. The global market capitalization also was hard hit which has plunged by nearly a percent, marking the levels around $1.12 trillion. While the second largest token, Ethereum also dropped below $1800, indicating a 1.16% plunge in the past 24 hours. Meanwhile, the other altcoins also witnessed a marginal drop, leading the entire crypto space under an acute bearish trend.
Bitcoin May Remain Bearish
The BTC price, after gaining some momentum, has begun to plunge hard and has been losing crucial support levels for the past few days. Hence, the token now appears to have come under acute bearish influence, due to which the price rally may remain restricted to a large extent. Moreover, the price just slipped below the rising trend line, and if a breakdown is confirmed, it may eventually reach the lower support in no time.
Besides, the MACD, which displays the accumulation of buying or selling pressure, continues to flash bullish signals. It is expected to undergo a bullish crossover in the next few hours, and hence a strong rebound is believed to trigger the BTC price very soon. Alongside, the ADX is trying to maintain a healthy upswing, and if validated, the price may receive the required boosts to propel towards the interim resistance.
Some Altcoins Display Some Strength
While the BTC price remains largely stagnant, the price of some of the altcoins has displayed acute bullish momentum. Altcoins like Axie Infinity (AXS) surged by 6.20%, trading at $7.17, while Decentraland’s (MANA) price jumped by 6.36% and is trading at $0.5022 at the moment. Besides, Optimism (OP) soared by 5.53%, with a value of around $1.70 after marking intraday highs of $1.766.
However, the whole attention remained on the top altcoin, XRP, which was followed by the latest update on the Ripple vs. SEC case. The court dismissed the SEC’s plea to seal Hinman’s speech documents that flashed extremely bullish signals. The price marked intraday highs above $0.46 with a jump of more than 6%. However, it is experiencing a slight pullback at the moment that may be reversed any time after the bearish trend fades a little.
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The crypto market is always a place of volatility and one of the main crypto tokens, Bitcoin (BTC), is now officially trading under the $25,300 threshold. This is a bit of a surprise since, just days ago it was hovering around the $27,000 mark. With this sudden plunge of the market, it begs the question – will the price hit the threshold at $25,300 and is this a sign of a bear market?
Despite the sudden decline, market analysts remain optimistic that Bitcoin (BTC) will bounce back. This is mainly due to the continued increase in institutional investing and the amount of large investments that are being made in Bitcoin and blockchain technology. For example, the Canadian investment bank RBC has recently invested $10 million into various crypto-assets and is planning to soon make more investments in the sector.
Meanwhile, other industry experts have voiced their concerns over the current decline and have posited that Bitcoin (BTC) could be headed for a bear market if the price does not quickly recover. Some analysts argue that investors have been waiting to invest in Bitcoin until the current decline stops and Bitcoin finds a stable price level.
At the same time, many believe that the crypto market is still fundamentally strong and that this decrease in price will not last. There is still a lot of optimism for the cryptocurrency industry from investors, corporations, and governments, and this could help to reverse the current trend.
In conclusion, with the current dip in the price of Bitcoin (BTC), it seems like the threshold of $25,300 may be within reach. However, whether or not the price will stay there is yet to be determined, considering the fact that the crypto market is always in flux. By keeping an eye on the market and staying aware of the latest news, investors should be able to make more informed decisions, which will help them to weather any potential storms.