Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Bitcoin just lost another major chunk of its value in a crushing red candle. Plunging to as low as $7,450, the largest cryptocurrency lost around 8% in less than an hour. This is the lowest point that Bitcoin traded at since May this year. The entire market was dragged down, as all major altcoins are also trading in the red.

Bitcoin Plunges $600 In Minutes

As CryptoPotato reported earlier today, Bitcoin failed to gain enough momentum and struggled at key resistance levels above $8,000. As such, it remained stuck at a narrow range trading around that mark.

However, as stated in the above analysis, the key support area to watch for Bitcoin was $7700 – $7800, below which we identified support at $7,500.

Despite plunging down to $7,450, the price made a very slight recovery and it’s now trading at around $7,560. We have yet to see if the support at $7,500 will hold but if it doesn’t, we can expect the next serious one to be at $7,200 where is the Golden Fibonacci historical level.

BTC/USD. Source: TradingView

The latest plunge reduced Bitcoin’s total market cap down to $138 billion. The BTC Dominance index also decreased a bit and it’s currently standing at 66.2%. This indicates that altcoins, at least for now, didn’t capitalize that much on the plunge and lost value as well.

Altcoins Are Suffering As Well

The situation with altcoins is no better. The market is covered in red in its entirety.

Cryptocurrency Market Overview. Source: Coin360

Some of the top losers include BSV, which dropped by around 10.5%, Litecoin by 9.7%, ETH by 7.3%, BNB by 9%, and so forth.

The move shows that the entire market is suffering and that investors are not, at least for now, finding relief in altcoins.

We have yet to see how things will unfold but it’s perhaps safe to say that the cryptocurrency community has seen a shift in its sentiment as the latest developments bring worries back that the positive trend of 2019 might have reversed.

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2022 Cryptoracle.info - Crypto News