BIG Crypto CRASH! What's Happening to Cryptos Today?
Cryptocurrency markets are in turmoil as Bitcoin slips below the crucial $60,000 mark, signaling a significant downturn. Investors are left wondering: what's behind this sudden plunge?
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Cryptocurrency markets are in turmoil as Bitcoin slips below the crucial $60,000 mark, signaling a significant downturn. Investors are left wondering: what's behind this sudden plunge?
Moreover, some new coins also entered the market. This post is all about the top 3 recently added coins to look out for in June 2022.
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The crypto market is currently in a severe correction. The Bitcoin price is currently struggling with some difficulties to break the 40K price barrier. External factors in particular, such as a possible increase in the key interest rates of the central banks and the war in Ukraine, have had a negative impact on the price. But 2022 could also be bullish again. That's why in this article, we present the top 3 altcoins that could explode in 2022.
Can Cryptos become bullish again in 2022?In the last few months, Bitcoin and other altcoins have fallen sharply. There were a few reasons for this in the last few weeks:
In the last 3 months, there have been heavy losses in the cryptocurrency market.
Fig.1 Total Crypto Cap 1-day chart showing the crash in prices since Q4 2021 - TradingViewOn the other hand, there are signs that Bitcoin and other cryptocurrencies could rise again.
Cardano’s ADA token, like almost all other cryptocurrencies, has lost a lot of value in the last 3 months. Cardano experienced an excellent run in the late summer of 2021, which brought the cryptocurrency to 3rd place by market capitalization. But now the ADA course is only at 0.79 US dollars.
Cardano is perhaps the most technically sophisticated blockchain on the crypto market. It combines technical brilliance with fast transaction speeds and smart contract functions. This means that the Cardano blockchain can form the basis of decentralized financial products (DeFi) and non-fungible tokens (NFTs). Cardano is referred to as the "Ethereum killer" and is further developed according to scientific principles. In 2022, Cardano could make another big leap due to the Basho development phase, which should massively increase scalability.
#2 Polkadot (DOT)Polkadot is another blockchain that has been quiet for the past few months due to sharp rises in cryptocurrencies like Solana and Terra and the sharp correction. The DOT token is the 11th cryptocurrency by market capitalization. Polkadot has enormous potential as a network.
Polkadot has plans to become the "Internet of Blockchains". What is special about the blockchain are the so-called “parachains”, which can create connections between different blockchain networks. As a result, Polkadot represents interoperability between the most important blockchains, which could bring a revolution in the crypto market and in the Web 3.0 project in the future.
#3 Altcoins to Buy: Terra (LUNA)Terra (LUNA) is one of the most interesting cryptocurrencies on the market. In the Terra Network, the price stability of stablecoins is ensured by algorithms. This makes these stablecoins independent from physical currency backing. Terra wants to build a flourishing ecosystem on this premise.
The platform's native token is known as LUNA. The LUNA token ensures the price stability of the stablecoins. However, as a “real” cryptocurrency, LUNA can increase in price over time, which makes an investment interesting. With its innovative concept, Terra is making great progress in the DeFi sector and, according to “Total locked value” at DeFi, is now number 2 behind Ethereum. Therefore, Terra (LUNA) is one of the most promising cryptocurrencies in 2022.
Those Altcoins to Buy are available on crypto exchanges such as Coinbase and Kraken .
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Bitcoin seems to be heading in a clear direction. After months of heavy losses, the price has risen massively again in recent days and may have left the correction behind. In this article, we present 3 reasons why Bitcoin is now transitioning back into a bull market.
#1 Bitcoin Bull Market: Financial markets are UPAs bitcoin becomes more tied to stock markets through products like bitcoin ETFs, the performance of financial markets has become increasingly important to macro crypto market movements. These financial markets have been showing good numbers again in recent weeks.
The announcements of interest rate hikes by the US Federal Reserve have caused the share prices of the large tech companies to suffer more and more recently. But lately, the figures for the technology sector are looking much better. This also has a positive effect on cryptocurrencies and could fuel the Bitcoin bull market.
Fig.1 SPX500 1-week chart showing the recovery from a heavy drop - TradingView #2 Institutional interest is Growing againIn 2021, more and more institutional investors invested in Bitcoin, fueling the bull market. Investors' interest in buying is becoming increasingly important as prices develop. Luckily, the major institutional investors have been showing renewed interest in the cryptocurrency market over the past few days.
Now is an ideal point to get into Bitcoin cheaply. Buy bitcoin and other cryptocurrencies on crypto exchanges Binance , Coinbase , Kraken and Bitfinex !
Before that, the big bitcoin addresses, the so-called whales, have been busy accumulating bitcoins. They obviously expected a new Bitcoin bull market. The institutions are looking for more risk again. A prominent example is Microstrategy, which has again bought Bitcoin in large quantities.
#3 Crypto Market Crashes are Ideal for Crypto Shopping!Many speculative investors had bet on a further drop in bitcoin on the foreign exchange market. Now they had to give up their positions and buy bitcoins again in order not to miss anything in the Bitcoin bull market.
In the past few months, these speculative investors were primarily responsible for the sharp drop in prices, while the hodlers largely held their positions and continued to buy. This shows that the fundamentals for the Bitcoin bull market remain very strong.
Fig.2 Crypto Total Cap 1-week chart showing the similar recovery of SPX500 - TradingViewYou can now buy Bitcoin relatively cheaply on the crypto exchanges Binance , Coinbase , Kraken and Bitfinex.
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Big news for the cryptocurrency community! After months of confusion, India, which was one of the countries that banned cryptocurrencies, submits to reality and backs off from its decision. News surfaced about how India legalized cryptocurrencies by imposing taxes. This gives total legitimacy to cryptos and eliminates any confusion around the topic among crypto users. On the other hand, the crypto market started to move upwards, with Bitcoin specifically getting closer to 40K. Where will the Bitcoin price reach? Let's find all the details in this article.
India Legalized Cryptocurrencies!Back in 2021, the cryptocurrency market fell by more than 15% when India issued a statement banning cryptocurrencies. Today in 2022, India backed off its earlier statement. The country decided to tax crypto activities and put a crypto income tax of 30%.
Not only did they embrace cryptocurrencies, but India also decided to digitize the Rupee and introduce a new digital currency starting April 1, 2022. This news definitely took a positive effect on the cryptocurrency market which saw currently a rise of more than 5% on an aggregate level.
Why was the crash when cryptos were banned higher than the positive news when cryptos were adopted? Well, the crypto market is still considered in a bearish trend. Buyers are still worried about whether they should enter the market or wait for further adjustments. Once the buying volume increases, the market will in turn move higher.
When will Bitcoin Price reach 40K?With the recent good technical formation of an uptrend and excellent fundamentals thanks to India, the crypto market is in a good place. In figure 1, we can see how Bitcoin retraced from the low of $33,000 and is since then on a healthy uptrend. The $39,000 price was reached earlier today, but prices are expected to consolidate before reaching 40K again. Once we breach this valuation, prices need to remain higher than $40,000 in order to break the bearish market trend. This way, crypto investors will gain confidence in this comeback, and in turn swap their stablecoins to cryptos again.
Fig.1 BTC/USD 2-hours chart showing BTC's uptrend from its low - TradingView The Cryptocurrency Market is UPIn the past 24 hours, most cryptocurrencies increased in valuations. In figure 2, we can see the chart of the entire cryptocurrency market cap going up. The pattern is very similar to Bitcoin's price-action. In fact, Bitcoin still has a dominance of around 42%. That's why it's natural to see a highly correlated chart between the entire crypto market in general and Bitcoin in specific.
Fig.2 Total Crypto cap in USD 4-hours chart - TradingViewIf you feel like you need guidance when tackling the crypto market, you need to check out our premium area. You’ll always be up-to-date with everything happening in the crypto market. Additionally, you will receive trading ideas and professional trading support. You will also receive information about the latest crypto trends at an early stage! If you want to read more about our Premium Area, click here.
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The Bitcoin roller coaster, it's back on the road. Yesterday Monday saw the entire stock and crypto market hurtle downhill at a speed rarely seen. Bitcoin was 20% lower on a weekly basis. The DAX also fell by 3% and the Dow by 4%. Almost none of the values ??remained green. Then around noon the turnaround. Stocks and cryptocurrencies shot up, markets closed slightly higher. How does the roller coaster continue? And most importantly, should you Buy Cryptos today?
Geopolitics Affecting Cryptos - Ukraine, Inflation and Interest ratesThe political risks surrounding the Ukraine-Russia conflict weigh heavily on the markets. A war right on Europe's doorstep could cause markets to plummet further. In addition to the political risks, there are concerns about a turnaround in interest rates and drastic intervention by the FED to combat inflation. This is around 7% in the USA. Another risk that primarily affects tech stocks.
Why does Bitcoin correlate with Tech?Tech stocks generally stutter on interest rates and inflation worries. So far so known. But why don't values ??like Bitcoin or other cryptocurrencies benefit? Shouldn't they be performing right now?
In fact, there is a logical reason why tech values ??and Bitcoin are correlated. The cash flows. Crypto and tech stock investors are mostly the same. This means that those who own tech shares usually also own cryptocurrencies and vice versa. Value, cyclical, and bond investors usually move in other "bubbles". But what does that mean?
When interest rates rise, investors usually turn to less risky investments. There is a shift from tech and crypto to value. In addition, many tech and crypto investors are invested with leverage, mostly through loans. If these loans become more expensive due to rising interest rates, the investors cancel the loans and sell the investments. The result: Bitcoin and tech fall disproportionately.
Conclusion: Should I get in now and Buy Cryptos?That is up to you and should be decided according to your own willingness to take risks. At least the next three interest rate increases are already priced into tech and crypto values! The existing uncertainties from the FED could be resolved on Wednesday when the central bank publishes its rate hikes. The Ukraine risk, on the other hand, remains unpredictable. From a purely economic and political point of view, war is unlikely. However, the West's indecisive and in many respects embarrassing behavior is creating uncertainty in the market. The next few weeks could remain restless, but those who invest in the long term could use the entry in the next few days and weeks.
If you decide to buy Cryptos, consider solid exchanges like Binance , Coinbase , Kraken and Bitfinex .
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Bitcoin has reached a new low again in the last few hours. On top of that, the total market cap of cryptocurrencies fell towards USD 1.6 Trillion or around -20%. Major cryptocurrencies continued to lose ground and are now just around their respective support areas. In November, many investors were still hoping for a Bitcoin price of $100,000. Is 2022 a Crypto Bear Market Year?
Crypto Market Cap Below $2 TrillionBitcoin, the biggest crypto by market cap, has dipped below $36,000 in the past few hours. The crash followed a brief "fakeout" in which the price surged above $43,000 but dropped back down to $41,000 extremely quickly. This shows that investors are still unsure of the market direction, and traders are rather holding the horses.
The strong psychological support of BTC at $41,000 collapsed and prices fell below the $40,000 mark for the first time in months. As a result, the price temporarily fell below $36,000, which was the lowest Bitcoin price since late July, the bottom of the major spring correction. All cryptos followed the same course of action, and all cryptos lost an average of 20% in the past few days.
On the other hand, the equity market also suffered a lot. Many hedge fund managers started reassessing their portfolios. Anticipation of a lower market is expected, as the uptrend was extended for more than 1 year now. Additionally, looking at the previous market trend of both cryptos and equities, we can see that an adjustment was overdue.
Fig.1 Total Crypto Cap 1-week chart - TradingView A Crypto Bear Market could be Coming SoonIn the last few weeks, there was still hope that the Bitcoin crashes could only be a medium-term correction and that the price could become bullish again in the first quarter of 2022. But the high number of drops to below $40,000 raise doubts as to whether 2022 could not be dominated by a Bitcoin bear market after all. When Bitcoin moves, the entire crypto market moves as well. This bear market trend could be attributed to the entire crypto market as well.
Now is an ideal point to get in cheaply. Buy bitcoin on crypto exchanges Binance , Coinbase , Kraken and Bitfinex !
The hopes were based on the fact that the current all-time high of $68,000 is very unlikely to be the peak of a bull market, given the major bull markets of 2013 and 2017. But now it looks like we could actually enter a Bitcoin bear market.
How Long will the Crypto Crash Last?Historically, a long-term bear market has meant an 80% drop from Bitcoin Peak in the previous bull market. At the moment we are not even at 50%. As such, there is still hope that the long-term bullish cycle is still in place, but has only greatly lengthened in 2021 and 2022.
Accordingly, we would not experience a “real” crypto bear market in 2022, but only a severe price correction. However, with the latest developments on the market, it is becoming increasingly unlikely that Bitcoin will reach new all-time highs in the first quarter of 2022, as we thought possible 1-2 months ago.
You can now buy Bitcoin cheaply on the crypto exchanges Binance , Coinbase , Kraken and Bitfinex .
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Crypto enthusiasts were happy to see Bitcoin prices recover above $43,000 earlier today. On the other hand, the crypto market witnessed yet another sudden crash, bringing prices lower for the day. Instead of recovering from the previous crypto crash, prices suddenly dropped by an average of 3%. What caused this sudden price drop across cryptocurrencies? In this article, we're going to see what was the main driver for this Bitcoin price crash, and try to assess what's to come.
CBDC Talks are still VagueThere are currently talks in the US about creating a digital rendition of the US Dollar. Not only will this speed up payments and provide payment safety, but also gives privacy to the end-user. Of course, this is a very big project in case it was to be implemented. The Federal Reserve had a long discussion about that earlier today and issued a paper highlighting the pros and cons of having a central bank digital currency, or CBDC.
The talk was still preliminary with no hard decisions taken and highlighted the importance of having a centralized digital currency versus a decentralized alternative. This fact made the crypto market retreat slightly, hence prices dipping left and right in the crypto market. The overall crypto market cap slipped by more than 3% intraday.
Fig.1 Total Market Cap 1-day chart in USD in the past 6 months - TradingView Bitcoin Price Crash - Will BTC prices break 40K lower?The $40,000 price mark is a very strong support level for Bitcoin. Not only does this area represent a strong psychological price, but also big companies purchased Bitcoins previously around this price. If Bitcoin prices were to fall lower, this means that those companies will start losing. An example of such companies is Telsa, which purchased back in February 2021 Bitcoins and paid around $1.5 Billion.
If we look at figure 2, we can clearly see how Bitcoin reached that strong support area. This is where we reach a very important crossroad: prices will either break lower, or retrace higher.
Fig.2 BTC/USD 1-week chart showing Bitcoin reaching a strong support - TradingViewIt is easy to predict two courses of action, but technical traders see this opportunity as a solid BUY. This is because technical traders tend to open buy positions around strong support areas, regardless of fundamental situations. Bitcoin prices need to retrace higher and reach around 48K in order to officially end the downtrend. So far, there is no sign of reversal, yet.
The Crypto Market at a GlanceIn the past 24 hours, the entire cryptocurrency market was seen down by -3.10%. The top gainers were basically ATOM and OSMO, who barely made +4.7% and +2% respectively. On the other hand, the top losers were SCRT, LRC, and ALGO which lost respectively -15.4%, -10%, and -7.7%.
1- Bitcoin (BTC) : - 2.6 %
2- Ether (ETH) : - 3.4 %
3- Tether (USDT) : 0 % (surpassing BNB)
4- Binance Coin (BNB): - 5.0 %
5- USD Coin (USDC) : + 0 % (surpassing ADA and SOL)
6- Cardano (ADA) : - 5.3 %
7- Solana (SOL) : - 5.9 %
8- Ripple (XRP) : - 2.2 %
9- Terra (LUNA) : - 2.7 %
10- Polkadot (DOT): - 4.1 %
Stay Ahead, Stay Updated
Rudy Fares
You can purchase these altcoins and bitcoin on crypto exchanges such as Binance , Coinbase , Kraken , and Bitfinex.
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The recovery phase for cryptocurrencies is imminent. While Bitcoin managed to hold its ground above the 40K price level, many altcoins started to increase again in prices. This past week was a green one for cryptocurrencies. On the other hand, not all cryptos increased by the same percentage. Some altcoins barely recovered, while others soared higher and made double-digit performances. Is it still relevant to Buy Bitcoin while other Altcoins made higher gains? Let's see what is currently happening in the crypto market.
The Crypto Market is RecoveringIf we look at the overall market capitalization of cryptocurrencies, we can clearly see a green candle for the past 7 days. This candle happens to occur on the USD 2 Trillion valuation, and at the same time on the average uptrend line. This small retracement was bound to happen, as the downtrend has been happening since November 2021. The selling pressure seems to have slowed down.
We cannot confirm yet the end of the downtrend, but we can confirm a slight reversal. If prices manage to remain above this average uptrend, there is a high chance that the crypto market will continue upwards around February 2022.
Fig.1 Total Crypto Market Cap in USD 1-week chart - TradingView Altcoins are SHOOTING HIGHWhen people talk about "Altcoin Season", they often refer to the fact that Altcoins are increasing at a higher pace than BItcoin. Earlier in the crypto days, Bitcoin was the leading cryptocurrency and moved the entire market with its price-action. Today, on the other hand, that is not the case anymore. While it is true that Bitcoin still has a big effect on the crypto market trend, some Altcoins seem to have detached from the Bitcoin chain.
The Bitcoin dominance has dropped in this past week to 39.5%. This comes at a time where Bitcoin's price barely increased in the past week, while altcoins such as ADA, LUNA, and DOGE increased respectively by 18%, 20%, and 21%. Looking at the crypto market cap excluding BTC shows a bigger performance of almost 17%, compared to only 15% when taking BTC into account. This proves that adding BTC to the equation made the overall crypto market drag lower.
Fig.2 Total Crypto Market Cap in USD 1-week chart - TradingView Can Bitcoin Price Recover higher Soon?Bitcoin prices reached a very strong support price area. The 40K level is not only a strong psychological price, but this is also where big companies entered the crypto market and purchased Bitcoins. There will be a strong resistance to falling prices around this price.
In order to confirm a trend reversal, we need to see Bitcoin price recover higher than the 50K psychological price. In fact, this is also where the Fibonacci retracement level of 38.2% coincides. Once we see BTC prices above 50K, not only will the entire crypto market boost along, but the trend will turn and start a new uptrend in 2022.
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Fig.3 BTC/USD 1-day chart showing a potential reversal for BTC prices - TradingView The Crypto Market at a GlanceIn the past week, most cryptocurrencies seem to have slightly recovered, with the exception of a few outliers from both ends. Here is an updated list of the top 10 cryptocurrencies by market cap:
1- Bitcoin (BTC) : + 2.80%
2- Ether (ETH) : + 5.99 %
3- Binance Coin (BNB): + 13.85 % (surpassing USDT)
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 5.61 %
6- Cardano (ADA) : + 19.13 % (surpassing USDC)
7- USD Coin (USDC) : + 0 %
8- Ripple (XRP) : + 3.74 %
9- Terra (LUNA) : + 18.62 %
10- Polkadot (DOT): + 13.24 %
Stay Ahead, Stay Updated
Rudy Fares
You can purchase these altcoins and bitcoin on crypto exchanges Binance , Coinbase , Kraken , and Bitfinex.
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On the 31st of December 2021, the crypto market saw a slight continuation of the previous decline. Prices seemed to have edged lower while people were busy celebrating the last day of 2021. Enter 2022! Not only does the day coincides with a Saturday, but people can also still be hungover from the previous night. How did the crypto market behave on the last day of 2021? Let's have a quick recap on what happened to crypto 2022.
The Crypto Market is slightly in the REDIt is very normal to see crypto prices falling further. People across the world, even big companies are on holiday and celebrating the new year. Who would place a buy order in the middle of a family gathering?
When the buying side weakens, the selling pressure becomes higher. Now you might be asking: if people are celebrating, who is doing all the selling for prices to fall? Well, most traders place stop-losses in order to cut their losses while they are away from their trading activities. Since the market was bearish in the previous days before new year's eve, it is normal to see prices fluctuate lower. With every stop-loss triggered, a new sell order is being executed.
Looking at figure 1 on the other hand, we can see a kind of consolidation. The total crypto market cap looks like it is averaging around USD 2.2 Trillion for the past 4 days.
Fig.1 Total Crypto Cap in USD, 1-day chart - TradingView Crypto 2022 - Top 10 Cryptos RecapIn the past 24 hours, most cryptos are in the red. The total market is down by -1.76%. The biggest losers were SUSHI, CEL, GNO, and UNI losing around 7% each. On the other hand, other altcoins such as ROSE, XDC, ATOM, and CRV gained respectively around 8%.
1- Bitcoin (BTC) : - 2.08%
2- Ether (ETH) : - 2.05 %
3- Binance Coin (BNB): - 1.35 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : - 1.92 %
6- Cardano (ADA) : - 2.77 %
7- USD Coin (USDC) : + 0 % (surpassing XRP)
8- Ripple (XRP) : - 0.37 %
9- Terra (LUNA) : - 2.16 %
10- Polkadot (DOT): - 2.09 %
Stay Ahead, Stay Updated, and Happy New Year 2022!
Rudy Fares
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Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer. Bitcoin Dominance And Technical Analysis Using The Metric Technical analysis is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally. For example, there are several industry vets that do not believe BTC dominance – a metric that weighs Bitcoin against the rest of the crypto space in terms of market share – has value as part of crypto analysis. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone If Ethereum outperforms Bitcoin, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up. For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy. And if the metric continues to hold weight, altcoin season might have another few months left. Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com Why Altcoins Season Could Last Several Months Longer BTC dominance has established a massive trading range between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range. BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Technicals also support a fall into the bear zone – or oversold levels – on the Relative Strength Index. The total crypto market cap has also reentered the bull zone on the RSI, all while Bitcoin struggles with resistance. The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months. A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Bitcoin and its altcoin brethren are back bullish, both on individual price charts but also when looking at the total crypto market cap at large. The aggregate of all major and minor cryptocurrencies has fully reentered the bull zone on the monthly RSI, which could indicate that the bull market will blast back off any day now. Total Crypto Market RSI Returns To Bull Zone The study of technical analysis is subjective. The practice has nearly as many naysayers as crypto does, yet others swear by it. There is also much debate over what charts are worthy of such analysis. For example, charting Bitcoin dominance or the total cryptocurrency market cap might raise some eyebrows. Related Reading | Bitcoin Breakout Beyond $50K Brings Bull Market Fractal Back In View In the right hands, there is no data that isn’t valuable, and considering these charts can provide a small piece of the bigger picture regarding all market conditions. And currently, according to the RSI on monthly timeframes, crypto is as bullish as it gets. Monthly timeframes are most dominant and a high reading on the RSI often signals an asset – or in this case an asset class – is overbought. In digital currencies, however, when the RSI reaches such levels on the monthly timeframe it is when the asset is at its most bullish. Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com Technicals Suggest Another Several Months Of Bull Run Remaining Comparing the last major market cycle with the current, there is a key difference between this time and the last: a selloff took crypto out of the bull zone temporarily. But with it back, there might be no stopping Bitcoin, Ethereum, Litecoin, and the rest of the bunch. Ditching the RSI in place of the LMACD, the logarithmic scale version of the moving average convergence/divergence indicator, it is clear that momentum remains bullish and a bearish crossover was narrowly prevented. Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com The total crypto market also has very little resistance above it, corresponding with the lagging span on the Ichimoku indicator. Unlike the 2017 cycle peak, the total crypto market has held above the base line and conversion line, which are currently crossed bullish. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You All technical signals combined suggest rapid price expansion as soon as the remaining resistance level on monthly timeframes is taken out. If the total market cap rally is to end after more than a cumulative 450 days of bull zone on the RSI, the bull run could have another few months left to go. #Crypto is back in the bull zone on the RSI. Looks like there could be a lot longer to go during this cycle. pic.twitter.com/D9UGG9gKYG — Tony "The Bull" Spilotro (@tonyspilotroBTC) August 25, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears. Bitcoin Bears Could Be Under Trouble According to analysis shared by crypto analyst Ali Martinez on X, more than $800 million is at risk of liquidation if the flagship digital asset reclaims the $93,000 price level. Notably, BTCs current ATH stands at $93,477. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally At the time of writing, BTC is trading at $89,480, down 1.9% in the past 24 hours. On the 4-hour chart, BTCs next prominent support level appears to be around the $86,000. The digital asset has already tested this support level three times, and a further dip to this price could send BTC tumbling toward $81,600, its next major support. If BTC fails to hold above $81,600, a decline to $79,700 may follow. While a lower BTC price would favor the bears, a reclaim of the $93,000 level could severely hurt them. Such a move would risk over $800 million in liquidations, potentially forcing bearish traders to capitulate. Data from Coinglass shows that contracts worth more than $508 million were liquidated in the past 24 hours. Of this, $355 million were long, while $153 million were short. A recent analysis by prominent crypto analyst @CryptoKaleo suggests that Martinezs warning for bears may be justified. According to @CryptoKaleo, BTC could retrace to $86,000 before embarking on another rally to set new ATHs – possibly beyond $100,000. The analyst stated: Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K. Whats Behind BTCs Run? Multiple factors have contributed to BTCs historic price action, including the halving earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and rising institutional adoption of the digital asset. Related Reading: Bitcoin ETFs Surpass 1 Million BTC Holdings In Less Than A Year Since Launch Details Inside However, Trumps win in the 2024 US presidential elections – a result seen as pro-crypto – served as a major catalyst for BTCs surge. Since Trumps victory on November 5, BTC has climbed from around $69,000 to a high of $93,000, recording gains of more than 30% in just 10 days. Despite this impressive price rally, experts suggest that BTC may have further room to grow. For instance, a recent research report predicts that BTCs bullish momentum could continue until mid-2025 when it is expected to peak. Additionally, relatively low profit-taking during this bull run could further propel BTC to new heights. However, bulls should remain cautious of a significant CME gap around the $78,000 level, which could be a magnet for price correction. At the time of writing, the total cryptocurrency market capitalization stands at $2.904 trillion, reflecting a 3.7% decline over the past 24 hours. Meanwhile, Bitcoin dominance is at 60.97%, underscoring BTC’s continued strength in the market. Featured image from Unsplash, Charts from X, Coinglass, and Tradingview.com
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