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Home Cryptocurrency news

Bitcoin Price Breaks Below $12,000 As Crypto Market Bleeds Over $25 Billion

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Bitcoin Price Breaks Below $12,000 As Crypto Market Bleeds Over $25 Billion
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The crypto market has shed over $25 billion in value over the course of the afternoon hours, as Bitcoin price was rejected at $13,000, sending it quickly below $12,000, and is at risk of falling further now that the bullish momentum is waning. Altcoins have also been dropping like flies amidst the powerful Bitcoin move.

With the crypto market now uncertain about the direction, what’s next for Bitcoin price? And when might altcoins finally bounce and start bringing some much needed relief to HODLers of the alternative asset class?

Bitcoin Price Smashes Below $12,000, Is Below $11,000 Next?

Bitcoin price traded above $13,000 at the start of the day, but it may end it thousands of dollars below, now that Bitcoin’s bullish rally is in the first real jeopardy it’s been in since it first began back in April.

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Throughout the 2019 parabolic rise in Bitcoin price, corrections have been shaken off without so much as a scratch for investors of the emerging digital asset class. But that all changed when Bitcoin approached $14,000, and it was violently rejected. Since then Bitcoin hasn’t been able to reclaim the important resistance point between it and all-time high.

Related Reading | Crypto Analyst: Max Pain Scenario Has Bitcoin Leaving Dip Buyers Waiting Indefinitely 

Worse yet, on the way back up to make another reattempt at breaking above $14,000, Bitcoin was stopped short just above $13,000, sending it down well over $1,000 to a current price of below $11,800.

Altcoins Capitulate, Fueling BTC Collapse and Erasing $25 Billion in Market Cap

Shortly before Bitcoin price collapsed, altcoins began to break through their support floor that’s lasted since the start of 2018. Now the alternative assets are plummeting, and may have dragged Bitcoin and the rest of the total market cap with the rest of them.

Altcoins may not have bottomed the same way Bitcoin did back in December. While a strong bounce certainly occurred, bringing some hope that a new “alt season” was almost guaranteed. However, HODLers holding out for hope are being tested today as altcoins have dropped in value as much as 5-10% and more across the board.

Related Reading | Crypto Capitulation: An Altcoin Obituary, Or the Biggest Buy Signal Ever?

The bleeding caused the total crypto market cap to have over $25 billion in value evaporated from it in the matter of a couple hours. The flight of capital initially was investors escaping falling altcoin prices, but once Bitcoin started dropping alongside alts, the real downward pressure began.

Altcoins have shown some signs of bouncing here, but may still have further to fall. In the past once altcoins bottomed, they vastly underperformed Bitcoin, so buying the blood in the streets here may be wise. Of course, the panic could ensue a lot longer than expected which would make buying here extremely dangerous, so exercise extreme caution if considering setting an order for any altcoins here.

Featured image from Shutterstock
Tags: altcoinsbitcoinbitcoin pricecryptototal market cap
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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