The excitement many felt by the bearishness of the recent months has been tuned down over the last day or two. The entire cryptocurrency market has lost 17 billion dollars of value in just over a day, going from seven-day highs of 187 billion dollars to the current level of 170 billion dollars.
Bitcoin still trendsetter
Bitcoin surged in trading and hit a peak value of $5400. This peak seemed to be the point where traders had decided that enough was enough and proceeded to sell off in droves lowering the price to $5050. The quick drop of Bitcoin changed the technical strength of the overall crypto markets. It also sparked a sell-off in other crypto assets.
Certain analysts believe that Bitcoin could drop to as low as $4200 before any significant uptick in prices would start to take shape. This was according to a popular crypto trading account who stated that she believes that Bitcoin is at the start of a drop that could only end with Bitcoin reaching $4320 or as low as $4200. The user did mention that she would be surprised if it went lower than that but further research would be done closer to that price point.
There is the start of the drop I have been saying 🙂
RSI channel MUST break. Evaluating the RSI again, I do believe we could go low as
$4390 (.5 fib)
$4.2 (.618 fib) level
I'd be surprised if we go lower (will re-evaluate when levels reached)
48 & 39 RSI Im watching 🙂 pic.twitter.com/YJNCIcNmt9
— The Cryptomist (@TheCryptomist) April 11, 2019
Many other industry observers and analysts have mentioned that today’s ell off has been due to the increase in trading volume. Trading volume increased from weekly lows of 48 billion US dollars to highs of 63 billion dollars.
Altcoins dropping up to 10% generally and more in certain cases
In a show of force, Bitcoin’s downward spiral affected every other major coin. This is soon after proclamations from various industry observers who were predicting a more Bitcoin independent market.
Ethereum was 9% going from $183 to $165, though many will note that it is still higher than $130 monthly lows.
XRP dropped 8% to a current price of $0.33, which are much closer to its monthly low of #0.30.
Litecoin is one of the major cases, as the altcoin lost 11% of its value setting new weekly lows. It was perhaps the worst performer of all major tradable cryptocurrencies.
The only cryptocurrency that has not seen a drop is Tether. While it has not seen any significant improvement either, it is currently the only the cryptocurrency not in the red, though it is very close. It stands at 0.11% increase.
Zcash and Crypto.com Coin are the only two other coins that have not gone down in price with Bitcoin. Zcash is sitting at a current 1.21% increase and seems to be safe, unlike Tether. Crypto.com has seen an increase of 12.25%.
The bulls are on the edge of a cliff
Traders and other market watchers will be eagle-eyed as to the price of Bitcoin over the next week. Hitting $5000 was an important milestone for Bitcoin trading. Many industry analysts were predicting the start of a new bull market that could see Bitcoin rising in price to new all-time records. However, if it is not able to hold on to the $5000 dollar value, this will show that the bulls are not yet strong enough to keep Bitcoin moving upward.