Bitcoin falls below important limit
The No.1 crypto currency loses support at 19000 USD on Tuesday. As expected, the magical 20000 USD limit turns out to be a stubborn barrier. Whether the bulls with the current reset will only bring “momentum” for the next attack remains questionable. At the same time, many old coins are going down steeply. We take a look at the current market situation.
Bitcoin price on Tuesday
After a downtrend of – 1.77 %, the market leader is currently quoted at USD 18800. The next support is at this trend line. However, the pressure of the sales and the high volatility are playing the bear into the cards. After a longer consolidation phase, the market cap is at USD 350 billion. This means that approx. 62.8 % of the total market capitalization (approx. USD 557.5 billion) is in BTC investments.
How deep does the “digital gold” fall?
The reasons for the current Bull Run are obvious to many experts. After several failed attacks on the magic boundary, the bulls are gradually losing power. In addition, whales could push the price down to go shopping cheaply. Countless investors want to avoid jumping on “moving trains” and an entry near the all time high seems risky. Although a trading volume of 29.7 billion USD indicates the continuing interest of investors, Bitcoin is again facing a difficult test. If the supports at $18800, $18600 and $18200 (which is close to last week’s lows) fall, this could be the start of a bear rally.
A small step is missing
MicroStrategy’s mega-investments, 1 billion Euros in trading volume on Bison and Spotify’s crypto-biased job posting show that the crypto space is not lacking in bullish news. In addition, there are many indications that Libra (or Diem) could be launched as early as January 2021. However, this news is not enough for a sustainable Bull Rally. The final kick-off is missing.
Altcoins suffer on Tuesday
The alternative assets suffer from the current dip. Quite a few Ethereum friends had imagined the time after the Beacon Chain launch to be different. There has been little change in the dominance of the first mover, and the smart contract coin is on the decline. Even today, ETH has to accept a downtrend of – 2.59 %. Thus, at the time of this article, the project is quoted at USD 578.92. Further down, most of the old coins lose between 1 and 5 percentage points. With a price increase of 1.98%, Filecoin delivers the best performance of all top 30 coins.