Is the Bitcoin & Altcoins Flash Crash a Prime Time Dip Buying Opportunity for Crypto Investors?

  • BTC drops down below $6,200 before going above $7k level
  • XRP, ETH, XLM, TRX, down more than 10%

The total market cap yesterday reached to the high of $253 billion as Bitcoin remained around $8,000 and altcoins surged. However, since then, more than $23 billion has been wiped out from the cryptocurrency market as Bitcoin drops down taking altcoins with it.

The last time, we hit this number was in early August and now we are back to $230 billion as the leading cryptocurrency drops down to below $6,200 level. Currently, BTC/USD is trading at $7,265 with 24-hours loss of over 9 percent. This flash crash was led by the selling on Bitstamp.

Crypto trader and investor, Josh Rager had said that people will be looking for this pullback to close the CME futures gap near $6,400. He further shares that a close above $8,216 on the weekly chart would be bullish and from there he targets for at least $9,600 before BTC makes a major pullback.

Talking about this gap, trader Cantering Clark says the gap occurs when there is a large S/D imbalance or a major shift in the sentiment of traders or investors. This gap, he says could be interpreted in different ways such as it could be indicative of a high volume bullish shift or a sign of potential trend exhaustion. Typically, Clark says the larger the gap the more likely the continuation.

Altcoins Crash Harder

Meanwhile, altcoins are falling even harder which is the norm in the cryptocurrency space. Among the top cryptos, Stellar, which was yesterday's one of the highest gainer is the biggest loser today along with Bitcoin SV with more than 15 percent losses.

XRP, Bitcoin Cash, Litecoin, Cardano, and Tron are down more than 10 percent. Today’s biggest loser is IOST that is in the red by 16.59 percent. Meanwhile, a few cryptos are also in the green such as Solve, Chainlink, and Cosmos along with stablecoins.

Moving forward, if BTC trades sideways, an alt rally is expected to get into effect that will continue until Bitcoin starts surging yet again.

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