The last 24 hours been a nightmare for the bulls. While there is no concrete word to describe the joy of being a bear at this time, the bears are flexing their muscles as they exert immense dominance in the market.
The first coin to feel the bearish dominance is Bitcoin. In the last 24 hours, BTC lost more than 10% of its value as it dipped below $56k as projected. BTC price downward retracement started as prices decreased from $60,416 to as low as $51k in just 4 hours.
Bloody Sunday continues with crypto’s second-largest asset dropping by more than 12% in the last 24 hours. The drop took place from as high as $2,340 to $1,964.
The Binance coin is not left out from the drop as it decreased by 14% during the past 24 hours. The price decrease sees the third biggest coin that once thrived above $500 struggle at $430.
The worst-hit coin in the top 100 by the sellers’ congestion is Bitcoin SV. BSV lost 27.7% during this horror-filled 24 hours. What went wrong? Why did so much blood fill the crypto street?
For certainty, no one was expecting a dip this low as $10 billion got liquidated. More funds will liquidate as some traders are longing various assets with hopes of an increase. Unfortunately, prices are still dipping.
The only thing that stands from the week’s activities is the effect that $Coin had on various cryptocurrencies. Most of these cryptocurrencies soar during the Coinbase hype.
Now the hype is dead and as a result, prices are reducing at an alarming rate. In the meantime, the buyers can only hope for a price rally to reverse the effect of the price retracement.
The normal weekend surge did not take place as usual. The market structure seems to be changing. The right-wing traders will look forward a price rally during the 24 hour or at the start of the new week.
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Author: Gideon Geoffrey