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The weekend has been a painful one for Bitcoin and crypto assets as markets continue to bleed out. A whopping $35 billion has been dumped from crypto market capitalization has it falls back to last month’s levels.
Bitcoin Slides 10 Percent
Bitcoin market dominance has remained high at over 66 percent which paints a grim picture for the altcoins this morning. During Sunday trading BTC could not managed to hold ground above $11,000 and fell back into the tens. The selloff accelerated until Bitcoin finally fell back into four figures, bottoming out at just below $9,900.
It did not stay there long however and rallied back above $10k to settle at $10,300 where it currently trades. The doom mongers started to rejoice but their cries are hollow considering BTC is till up 175 percent this year. Popular trader and analyst Josh Rager noted that Bitcoin often makes a move just before a big close and yesterday was no different.
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,”
https://twitter.com/Josh_Rager/status/1150553376289185792
The weekly candle closed heavy and red as BTC tested the 50 day moving average which is currently serving as a level of support. All signals are indicating a continuation of this correction, possibly down to the $8,000s. Not all are pessimistic though with Rager adding that four figure BTC is a gift:
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks”
Altcoins Bleeding Out in Crypto Rout
The bitcoin retreat has hurt the altcoins even more with many of them getting smashed double digits. Ethereum is one asset in real pain right now as ETH has dumped 18 percent since this time yesterday. Falling to a two month low of $225 Ethereum has wiped out nearly all gains from the recent rally.
Other altcoins in the top ten are faring just as badly during the morning’s trading session. Litecoin halving fomo is now a distance memory as LTC dumps below $90, Bitcoin Cash is bleeding even more as it slides 20 percent back to $280. BSV has bled a similar amount as it slides back below $120 today.
Yesterday’s top performer, ICON, was clearly a pump and dump as it has shed all of those gains to fall back to the same level again. Even the stablecoins are in the red today as crypto markets suffer one of their largest 24 hour dumps of 2019.
Image from Shutterstock
