Another Crypto Bearish Run Begins by Shaving Off 10 Percent Of Bitcoin’s Market Cap
By the time the Asian markets closed today Bitcoin was trading at $3,340 fallinf about 10% in just the last 24 hours.
Technical analyst DonAlt said:
“Closed below support, not looking too pretty. BTC needs to reclaim supports quickly otherwise. I expect it to go for the previous lows. If those don’t hold I’m looking at $2,900. There are no supports left on the daily, hope for a fakeout or SFP at the lows.”
Bitcoin is not the only crypto to be facing this situation. Second and third biggest cryptos, XRP and Ether lost 12% and 15% respectively. XRP is now priced at $0.2994 with a market cap of $12 billion while Ethereum is valued at $85.22 and a market cap of $8.8 billion.
Regarding ETH, DonAlt added:
“Finally far enough down to attract my interest again. Took out the low, right into daily support. A strong daily close today would open up some swing long possibilities. A weak daily close today and I’d definitely stay away.”
Bitcoin SV is the only top altcoin besides Tether to be not affected by the recent bearish market. In fact, Bitcoin SV has shown the opposite trend. BSVUSD is consolidation and trading between $110.00 in the upper supply area and at $70.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.
Things are not looking too bright for cryptocurrencies in general. Bitcoin is below 85% from its all time high and Ethereum is well under 90%. Even the VanEck’s ETF is in question. SEC has delayed their decsion until Feb 29th, 2018.
Eduardo A. Aleman, assistant secretary in the SEC said: “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
Approval of an ETF was much awaited as it was the becon of hope to carry the crypto market over the current bear trend.