The cryptocurrency market has not been this volatile in months. All of the top 10 coins have lost more than 20% in the past day. The biggest loser was Bitcoin SV (BSV), with its rate plummeting by 35% in the past day.
Meanwhile, the total market capitalization index has dropped by almost $50 Bln over the past 24 hours.
The relevant data for Bitcoin is below.
Market Cap: $109 936 319 021
Volume (24h): $45 439 944 227
Change (24h): -21.74%
The data is relevant at press time.
BTC/USD: Has it finally reached the bottom?
The Bitcoin (BTC) rate has suffered the biggest recent price dump. On some exchanges, the rate has reached $8,500. The decline has amounted to more than 20% in the past day.
On the hourly chart, the dump was sharp and Bitcoin (BTC) lost $2,000 in just over a few hours. The coin is oversold on both small and big time frames. However, based on trading volume, there is not enough power from buyers.
As a result, the more likely scenario is a sideways trend in the $6,000-$6,200 range.
On the bigger time frame, Bitcoin (BTC) has retested the levels it reached in May 2019. Currently, sellers lack the liquidity to push the price deeper. Moreover, because the decrease was very sharp, the current decline is not the start of a correction. From a technical perspective, if the main crypto can stay above $6,000, buyers have all of the opportunities they need to get the price to $7,000 by the end of the month.
Bitcoin is trading at $6,104 at press time.
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