Bitcoin Price Fallen By More Than 3% Within 24 Hours!
As per the data from CoinMarketCap, the bitcoin price has fallen By More Than 3% to 22,000 USD. Bitcoin is oscillating between the price of 18 thousand USD and 30 thousand USD.
The cryptocurrency prices have been sideways since the beginning of the new Month of August 2022. Meanwhile, the markets were still in the red. But the investors and traders are coming out of fearzone per the sentimental analysis. Bitcoin price is held at the USD 23000 mark which is approximately a 5 percent increase from the last week.
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Bitcoin Price Fallen By More Than 3% Within 24 Hours
At the time of writing this article, the total market cap of the Cryptocurrency Industry is USD 1.1 Trillion, there is a bit of fall as a lot of popular cryptocurrencies such as Dogecoin, Solana, Ether, and Bitcoin have opened at low prices in the market.
Different brokers and analysts have commented, that Bitcoin has shown quite a resilience at a price point below 20k USD. Bitcoin price is approximately 1/3rd of its time high in November 2021 with a market capitalization of approximately 3 trillion.
Key Points
- The crypto market had toiled a day ago due to a lot of geopolitical tensions and Ethereum’s Upcoming Merge.
- Traditional markets have also been affected, with the dollar gaining value against various fiat currencies like INR and yen.
- Ethereum merge would act like a catalyst for the expected price drop in the cryptocurrency market. Ethereum merge is the bullish upgrade that would happen on the beacon chain.
- The excitement for the merge is fading out though. As per the google trends, the search queries for the Ethereum merge have flattened out.
In the last few months, a lot of declines has been seen in the stocks and the crypto industry. Bitcoin follows Nasdaq ( COMP – 0.16 Percent) and S&P (500 SPX -0.67 Percent). Although cryptocurrencies trade as an independent market, a lot of instances have proved that they are largely correlated to various financial instruments like stocks.
Yuya Hasegawa(Crypto analyst at Bitbank) commented that bitcoin might take some time to break above the price level of 24000 USD. But as per the technical analysis, the candle closed above 200 weeks MA hence it could improve a lot in the coming weeks.
Along with bitcoin few other currencies like Ether (the second largest crypto) are down by 1.89 percent and trading at a price of 1700 USD. Also, a few small cryptocurrencies and altcoins were also in a bearish trend with Solana and Cardano down by 3.5 percent. Various meme coins like Shiba Inu and DogeUSD are trading sideways.
Technical Analysis Of Bitcoin
Various traders have depicted the price charts that conclude that most of the short-term indicators are mixed. If there is a loss of short-term momentum, then it would support a short-term retest, below the 13 900 USD mark. Whereas the long-term and intermediate momentum indicators still point to lower price points. It is projected that there will be high risk in the following months as the price continues to fall.
