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Bitcoin And Ethereum Bleed 10% In Violent Crypto Market Shakeout

Tony Spilotro by Tony Spilotro
1 year ago
in ETH
Reading Time: 2 mins read
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Ethereum reached highs over $4,000 today and Bitcoin made another attempt at over $59,000. Within a two-hour window, more than 10% of recent gains were wiped out sending Ether back below the key level and Bitcoin tumbling lower.

Is this a sign of a reversal in the making, or are these powerfully trending assets simply too unstoppable right now for the rally to be over?

Ethereum, Bitcoin Dive Nearly 10% In Violent Free Fall

Ethereum has had one of its most productive months yet in terms of ROI, all while Bitcoin has struggled to maintain local highs. The recent altcoin season has been especially fruitful, propelling Dogecoin to nearly a dollar and Ether to $4,000.

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Related Reading | Lucky Number 7: Ethereum Breaks Total Crypto Monthly Record

While Bitcoin consolidates, these altcoins are making the cryptocurrency’s recent run look like child’s play in terms of ROI.

However, much of that ROI was just erased in a matter of minutes.

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bitcoin ethereum

Within two hours 10% was gone from both coins | Source: ETHUSD on TradingView.com

What This Means For The Current Crypto Market Cycle

A long and nasty wick is all that remains on both BTCUSD and ETHUSD on the shortest timeframes. Currently, the daily on both crypto assets looks bearish but a bear trap ahead of a breakout isn’t out of the cards.

Crypto has been a full bull mode for some time, and a correction could also be long overdue. These assets are up hundreds if not thousands of a percent already this year, and have barely taken a breather.

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Related Reading | Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal

Markets tend to correct when participants least expect it, and the current greed and exuberance has been the highest in years. An unexpected correction could leaves bulls gasping for air and wondering what happened.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdETHethbtcethereumethusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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