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Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?

Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?
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The cryptocurrency market is seeing a sharp downturn of up to 10 percent for some of the top altcoins after a long period of positive and progressive movement. However, the good news is that Bitcoin, the major cryptocurrency, is seeing losses of only a few percent.

Bitcoin is down just over one percent at the time of publication, while the likes of EOS, Litecoin, Binance Coin and Cardano are all closer to losses of 10 percent. It is positive that Bitcoin is holding strong, but it begs the question as to whether it has enough power to turn this sharp downturn into nothing more than a blip.

Following a period of positivity

The cryptocurrency markets have been seeing a long period of positivity, dubbed the cryptocurrency spring, with very little drops in value across the top coins. The growth has been steady and progressive, helping many note that the bear market is over.

In this time, there have not been massive drops in value, but rather a few consolidations. This could well be a consolidation again, as Bitcoin recently broke as high as $5,500 after hovering between $5,200-$5,300.

Bitcoin holding up

It is positive that Bitcoin has managed to stay above the $5,500 mark, and looks like that floor is quite steady and has enough resistance to keep the major cryptocurrency up. Altcoins have always been more prone to volatility and big swings anyway.

If Bitcoin was to hold above the $5,500 mark, then one could comfortably assume that the market decline won't get much worse – altcoins may well keep falling, but in general this sharp dip should be seen more as a consolidation than anything.

Bullish sentiment

Another factor to consider is that the bearish sentiment that plagued the cryptocurrency market through much of 2018 is now nearly all gone. It has been replaced by a bullish mood, but maybe not quite a bullish rally.

That means that any negative price movements should be countered quite quickly, and the power of negative price movements should not scare off investors like it did through 2018.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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