Bitcoin and Co. start the weekend with heavy losses. As a result, the market leader is even threatened with falling below the important 10000 USD limit. Many Altcoins have to record even heavier losses. What happens now?
Bitcoin price current
At the time of writing, the No.1 crypto currency is quoted at 10502 USD, which is a daily loss of 7.98%. After falling below the 11000 USD line, the bulls show no resistance. In addition, there is the well-known pattern of the FUD (fear, uncertainty and doubt). Insecure investors get shaky hands and they sell their crypto. Many indicators speak for the fact that it comes after 1 month again to the showdown at the psychological 1000 USD line.
Here are the next limits
After falling below the 11000 USD mark, the next supports are now at 10400 USD and 10200 USD. Behind them, the psychological 10000 mark is the last bastion before the four-digit USD range. Upwards, the bulls would first have to overcome the resistances at 10600 USD and 10800 USD in order to celebrate a comeback in the 11000 USD range. Currently, the 24 hour trading volume is around USD 40 billion, after the dump new traders were flushed into the market.
Volatility could cause uncertainty
After the BTC Halving Event, the Bitcoin appeared extremely stable. Fluctuations, as we can observe at the moment, were considered an absolute rarity for months. This provided stability in uncertain times, and the “digital gold” increasingly developed into a “store of value”. The limited supply and barrier-free transaction possibilities also spoke in favor of Bitcoin, while the traditional markets slid into a tangible crisis. The return of volatility could deter risk-averse investors. Added to this is the typical FUD (fear, uncertainty and doubt).
Ethereum and Co. are hit particularly hard on Friday. The Smart Contract Coin, for example, falls below the important 400 USD mark with a daily minus of 5.77 % (current rate: 387 USD). Polkadot (- 17 %), NEM (- 11 %) and Zcash (- 12 %) even have to accept losses in the double-digit percentage range. In the top 10, only TRON (+ 7 %) is bucking the downtrend.