After steady growth almost since the beginning of 2020, the cryptocurrency market has entered a deep correction period. At the moment, the top 10 coins are in the red zone except for Tezos (XTZ), which has shown 5.92% price growth in the last day.
Even though altcoins are falling faster than Bitcoin (BTC), the dominance rate of the main crypto continues falling and is now at 63.7% on the index.
Important data for Bitcoin is below.
Market Cap: $160 285 130 330
Price: $8 787,46
Volume (24h): $52 475 250 335
Change (24h): -5.58%
The data is current at press time.
BTC/USD: Are bears here to stay?
The rate of Bitcoin (BTC) has been falling for 2 weeks. In this time, it has lost 8.32%, its biggest loss since the start of 2020.
On the 4H timeframe, Bitcoin (BTC) has, so far, found a support zone in the range of $8,548-$8,610, so a rebound to $8,900- $9,100 is possible. Thus, the main crypto is already oversold, meaning that, at the moment, sellers are unable to push the price lower.
Now, the main hypothesis is that the current downward movement is a correction of all of the growth from $6,500. From this, it follows that growth will resume after a correction. This could possibly not take place if we see it fall below $8,200 with consolidation below $8,000.
As part of the current correction, Bitcoin (BTC) it is likely to test the $8,250 level. On the logarithmic chart, the correction rate of 0.5 Fibonacci is just around $8,424.
Bitcoin is trading at $8,794 at press time.