All the signals have pointed to a big downward movement for Bitcoin and it may have started when BTC falls again below $8k. Could this be the movement that means the return of the bear market and crypto winter, or will Bitcoin hold on to endure another day?
BTC returns to the $7k range
In the last hour, Bitcoin has fallen back below $8,000 for the fifth time this month. According to Tradingview.com, BTC began its fall yesterday in the latest US operations. UU. And he continued in the Asian session this morning. His fund reached a little over $7,900 and seems to remain just above that at the time of writing.
The bearish signals have accumulated as the consolidation period of one month continues. A great movement is expected since the accumulation of these signals is generally followed.
As trader and analyst Josh Rager noted, historical volatility is falling to levels that would indicate a break.
"With a slow side market, we will see a descending HV that indicates a strong reaction in the price action and an increase in volatility"
Yesterday, the popular analyst observed a compression of the Bollinger band that has also historically caused ruptures. He added that with the price still below the 20-day moving average, a downward movement has a higher probability.
Then there is the cross of death on the daily chart that is about to form when the 50-day moving average falls below 200 slow days. This is more sinister, as it represents a long-term trend change that could be the end of this year's recovery and the return of crypto winter.
That crossing is likely to occur today or tomorrow if there is no upward momentum.
Crypto Market Cap about to fall apart
The Altcoins clearly have not been able to decouple from Bitcoin, as it has corrected 42% of its peak this year. There hasn't been a high season and a red sea is wrapping them all up again today.
The crypto account "Trading Room" has identified a trend line for the total market capitalization that if it breaks could result in a massive dump below $ 200 billion.
"This Trendline has all the fortune of the market over the next few weeks."
After today's losses, the total market capitalization is currently $ 217 billion, after having thrown $ 7 billion on the day. It has not fallen below $ 200 billion since early May, when things were clearly optimistic for Bitcoin and its brothers.
All alternative currencies are turning over today with Ethereum falling below $ 170 on a 4% slide and XRP falling below $ 0.29 as the momentum decreases.
Larger losses of more than 5% are occurring in Bitcoin Cash, BSV, Tron, Cardano, Chainlink and Tezos. If the altcoins are losing so much before BTC falls below the support, they will be eliminated when the large dump finally occurs.
[…] during a mass sale, leading to a further decline of several months in the aggregate crypto market. BTC has continued to decline throughout the day and it is unclear where it will receive any significant […]
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