March 9 has started with continued decline in the cryptocurrency market. All of the top 10 coins are in the red zone. This is the biggest drop since the beginning of 2020. Litecoin (LTC) has faced the biggest loss out of all of the top 10 coins. Its drop has amounted to 15%.
The market drop has affected overall capitalization, which has declined by around $20 Bln over the past 7 days.
The relevant data for Bitcoin is below.
Market Cap: $145 300 713 623
Price: $7 956.69
Volume (24h): $46 644 058 990
Change (24h): -9.32%
The data is relevant at press time.
BTC/USD: Has the bullish trend finished?
The rate of the main crypto has dropped by more than $1,000 in the past days. This is the deepest correction of 2020. The price of Bitcoin (BTC) has dropped 9.19% in the past 24 hours.
On the 4H chart, Bitcoin (BTC) has found local support at $7,700. There is little chance that a drop will continue in the short-term, as there is almost non-liquidity below $7,700-$7,800. As a result, a more likely scenario is consolidation in the range between $8,000-$8,150.
On the daily time frame, bearish sentiments have just begun. The current drop has absorbed all of the growth since the beginning of 2020. Analyzing the chart, Bitcoin (BTC) has not even reached the oversold zone according to the RSI indicator, suggesting that the current level is not the bottom.
The next crucial support is around $8,400-$8,500. If the coin cannot hold above $8,000, it will reach the aforementioned levels by the end of the current week.
Bitcoin is trading at $7,791 at press time.
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