Does the Bitcoin fall below the magic limit?
A look at the crypto charts makes it clear that the aftermath of the previous day can still be felt. The cops are fighting with all their might against a fall below the magic 10000 USD limit, but the support is dwindling. Also for the Altcoins things hardly look better on Tuesday. We take a look at the current market situation.
Bitcoin price in detail
At the time of this article, the first mover is quoted at 10489 USD, which is a daily loss of 3.25%. After falling below the support lines at 10800 USD and 10600 USD, the hopes of traders are now on the trend line at 10400 USD. Should the bears also break through this support, a fall below the psychological $10000 mark would be quite possible. Currently, the 24-hour volume is around USD 29 billion, so interest in Bitcoin remains high.
Panic Sells and FUD could press BTC into the four-digit range
The rising coronavirus infection figures hit the traditional markets hard at the start of the week. As a result, we observed a well-known chain reaction. Due to the high correlation to Wall Street, the leading crypto currency fell by about USD 700 in a rush. In the area of the important USD 10000 limit, such dumps often cause insecure investors. The dreaded FUD (fear, uncertainty and doubt) could cause further panic selling in the coming hours. But there is hope: The S&P 500 consolidates on Tuesday.
Bitcoin Dominance Index still high
The Bitcoin Dominance Index represents the relationship between BTC and the alts. Currently, 58.5% of the total market capitalization is in Bitcoin investments. As a result, hopes for an Altcoin Season 2020 are fading, although the DeFi market is flourishing.
A look at the Altcoins
After the sharp downward trend, positions in the top 20 were reallocated. Polkadot falls to 7th place, while Chainlink slides below the USD 10 mark after a long time. At the moment the Oracle-Coin is at a rate of 8.81 USD. Further back, Tezos is the only price increase in the top 20 with a daily gain of 2.49%. Uniswap (current price: 3.85 USD) has to settle for position 41 after a price slide of 16.32 %.