Bitcoin and Altcoins Facing Sharp Declines in Crypto Market
Bitcoin and other major cryptocurrencies are experiencing a sharp decline in the market, with altcoins falling significantly. The overall sentiment in the market has turned pessimistic, and the lack of macroeconomic events is adding to the pressure on digital token prices.
Bitcoin and Ethereum Drop
On Tuesday, Bitcoin entered the red zone, dropping by about 2% and falling below the $29,000 mark. Its largest peer, Ethereum, also saw a similar decline, falling more than 2% and slipping below the $1,850 mark. The entire market is experiencing a downward trend, with altcoins suffering the most.
Selling Pressure in the Market
Over the past 24 hours, the crypto market has faced selling pressure, leading to a decline in prices. Despite this, the crypto fear and greed index climbed by 3 points and remains in the neutral zone with a score of 53/100, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Bitcoin’s New Lows
According to Hudda, Bitcoin is hitting new lows on the daily chart, trading at its lowest price in 40 days. From a technical analysis perspective, the trend line support sits at around $27,000 for the day, which could signal a possible reversal.
Market-wide Decline
The decline is not just limited to Bitcoin and Ethereum. Top altcoins such as Bitcoin Cash, Solana, Polygon, Cardano, and Litecoin have all suffered drops ranging from 3-5%. The global cryptocurrency market cap has also fallen to $1.16 trillion, down by more than 2% in the past 24 hours.
Consolidation Phase and Lack of News
The crypto market is currently in a consolidation phase, with Bitcoin trading in a narrow range. This lack of major macroeconomic news has made it difficult for investors to make directional bets, according to the CoinDCX Research Team.
Tech View by WazirX Trade Desk
Meanwhile, StormX (STMX) has stood out as a global cryptocurrency-based solution that offers users cryptocurrency cashback for online purchases. According to the WazirX Trade Desk, the CLV/USDT trend has broken out of the descending channel pattern and is now retesting the upper trendline levels.
Overall, the crypto market is facing a period of uncertainty and volatility, with investors closely watching for any signs of a potential reversal or stabilization. As always, it’s crucial for investors to consult their financial advisers before making any decisions in the market.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin