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The cryptocurrency’s market cap fell below $ 1.5 trillion on a red weekend. More than $ 100 billion was erased from the marker as it fell 5%. Bitcoin and other altcoins were down 5% to 10% as major market indicators gave bearish signals.
Source: coin360
The price of Bitcoin is currently trading at $ 35,668, rising from a daily high of $ 37,531. The price of the highest cryptocurrency breaks down from its current triangular pattern on the long-term chart. While there is no significant volume on the sell side, crypto analyst MMCrypto has said that we need to be careful at this point.
#BITCOIN BREAKDOWN! NO VOLUME YET, BUT I STAY CAREFUL! pic.twitter.com/WhUt3FzjLG
– MMCrypto (@MMCrypto) June 12, 2021
The price of Bitcoin is also approaching a possible death cross and must move at a rate of $ 1,500 per day to avoid it. Rekt Capital, a popular crypto analyst, believes that last week’s rally pushed the cross of imminent death back by a week and that momentum must continue to avoid it.
#BTC recently increased by + 20%
In doing so, BTC pushed back the potential Death Cross for a full week
Price increases from here would postpone it further
And if $ BTC is able to surpass $ 55,000 to $ 60,000 soon, BTC could possibly avoid the #Crypto #Bitcoin cross altogether pic.twitter.com/J21oorvuOE
– Rekt Capital (@rektcapital) June 10, 2021
Ethereum, the second largest cryptocurrency by market cap, is currently trading at $ 2,372, down 3.73% in the past 24 hours. ETH / BTC saw a slight decline today, currently trading at 0.066, down from 0.80 a few days ago.
Altcoins make a more difficult dive
Outside of Ethereum, the majority of altcoins plunged harder, falling more than 5%. Among the top 10 cryptocurrencies, Uniswap recorded the highest drop of almost 8%, followed by Cardano and Binance coin with a drop of 6.69%.
Bearish sentiment has prevailed in the crypto market over the past month since the market sold off in the second week of May. The crypto market lost nearly $ 1 trillion of its market cap on last month’s sell-off. On-chain measurements suggest that trading volume has declined significantly for most cryptocurrencies, including the ever-popular NFT marketplace.
The weekend sales this time around are also attributed to European football betting season and many believe people are stepping their money away from the crypto market.
Warning
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
About the Author
With a degree in engineering, Prashant focuses on the UK and Indian markets. As a crypto-journalist, his interests lie in the adoption of blockchain technology in emerging economies.
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