Bitcoin Cash

Bitcoin

Toncoin

PEPE

<p>The post <a href="https://coinpedia.org/price-analysis/with-bitcoin-under-56k-why-is-the-crypto-market-crashing-today/" rel="noopener noreferrer nofollow">With Bitcoin Under $56K, Why Is The Crypto Market Crashing Today?&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>With a 4% drop on Sunday, the bears overwhelmed the Saturday recovery in Bitcoin and put the altcoins market back into the bear zone. Undermining the chances of a recovery week, the increasing supply influences a downfall this Monday in the early Asian trading hours.&nbsp;</p>
<p>Bitcoin is trading at $55,269 with an intraday loss of 1.30% and registers a low at $54,296. With a bearish tone, the altcoins start the week with long liquidations, and the top cryptos are down by 5% or more.&nbsp;</p>
<p>Ethereum, Solana, and Toncoin are down by 5.25%, 7.23%, and 5.45%, respectively, while the meme coins take a massive hit. DOGE, SHIB, and PEPE are down 8.08%, 7.64%, and 12.84%, respectively.&nbsp;</p>
<p>With the Monday Blues hitting the crypto market hard, the anticipations of a bigger crash this week are increasing. Let’s examine our detailed price analysis of top cryptos for a clearer view of the market.&nbsp;</p>
<p>You can also check out our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> to determine the chances of Bitcoin hitting the $100,000 milestone this year.</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>
<p>With zero follow-up of the Saturday recovery, the declining trend in Bitcoin continues. Breaking below the $56,000 level, BTC trades at $55,269, with almost a 5% drop in the last 24 hours.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcL1I0JLry7joBQ9ST7h1D8tUayG-akafT8b1zEJJ7ReSpJu6gDge1Ln5k0ihGaK2UNQCW8odMuZoa0dF88ZFBxTaiEHAjXfAhQBk5iHfqJjxf_sLeVhlLc8tDN-mzbCJCAoLJqTPTRYVZLd9USBxdkCmoB?key=AP7SYHUxDw-nFi-O6hNRSA" alt="">
</figure>
<p><a href="https://www.tradingview.com/x/Ral4CnLA/" rel="noopener noreferrer nofollow">Tradingview</a></p>
<p>Increasing the bearish influence in the daily chart, the BTC price breaks below the descending trendline. The 4% drop on Sunday creates a bearish engulfing candle and resets the bearish trend in motion.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd5wJr7PYnGG8VYb0uHIpnwEqOuWxSyMVdP9CjTzcnCEldc4UVbUUO4lP0rF2OshVCzidgYQhLKLjL4wAIGjEIqrGjEY6Cr1qMp_0xLQ932RJRauvoYmIrDM0dfi-vXcOVLenq7MbUlizk0ed5x297aMXnt?key=AP7SYHUxDw-nFi-O6hNRSA" alt="">
</figure>
<p>Amounting to $111M worth of long liquidation in the broader market on Sunday, the trend continues with $75M in the early hours of Monday. With the price action signalling a downtrend continuation, the long liquidations bolster the bearish traders.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-hashrate-drawdown-reaches-critical-levels">Bitcoin Hashrate Drawdown Reaches Critical Levels</h2>
<p>The Bitcoin network’s hashrate drawdown is a measure of dips in mining activity. As per Cryptoquant, the metric has fallen to levels last seen in December 2022.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdkL46_1t_eeUKN7DJzO7OO_MhL6qgJsKwfDPXoGa_areZxVKagI768_gr5SL4VdjUIrdg6MPQY5MMxRO5PMvLVD5KqI-OwHvTYVqrhisdZ86B34h3NjWHzxJVInO3LnngVP2PlD5lnXZrILSyYjpQBuz-y?key=AP7SYHUxDw-nFi-O6hNRSA" alt="">
</figure>
<p>Historically, such hashrate drawdowns have coincided with major price movements. The December 2022 drawdown preceded a notable bull reversal, suggesting that current conditions could signal a similar price shift.</p>
<p>As Bitcoin’s price crashes, the deep hashrate drawdown might indicate a market bottom or an impending bullish phase.&nbsp; However, it goes against the ongoing price action movement as the BTC price breaks below the $56,000 mark.&nbsp;</p>
<p>While the next support level stands at $52,000 level, it could be the next bounce pad for the bullish rally to begin towards the $100,000 aim.</p>
<h2 class="wp-block-heading" id="h-mt-gox-payout-continues-to-induce-market-jitters-nbsp">Mt. Gox Payout Continues To Induce Market Jitters&nbsp;</h2>
<p>Following the collapse of the Mt. Gox crypto exchange in 2014, the recent payout scheme has induced significant fear among investors. After a decade-long wait, the repayment process has begun and quickly brings the fear of a massive supply dump in the coming times.&nbsp;</p>
<p>As per the latest trustee document, Mt. Gox creditors will receive Bitcoin (BTC) or Bitcoin Cash (BCH) in the next 2 weeks or 3 months. This will depend upon the exchange they have chosen. While Kraken might take up to 3 months, other exchanges like the Bitbank and SBI VC Trade aim to complete payouts within the next 2 weeks.</p>
<p>This payout aims to prevent a major price dump, though the distribution of around $2.71 billion in BTC could still cause market jitters.&nbsp;</p>
<h2 class="wp-block-heading" id="h-where-is-bitcoin-headed-this-week">Where is Bitcoin Headed This Week?</h2>
<p>With the ongoing FUD run in the crypto market, bear-side moves are likely to continue this week. With Bitcoin breaking under $56,000, the next plausible support stands at the $52,000 mark. Further, the downtrend increases the death cross possibility of the 50D and 200D EMA.&nbsp;&nbsp;</p>
<p>Amplifying the crash, the altcoins could witness a massive dump and bigger liquidations this week.&nbsp;</p>

With Bitcoin Under $56K, Why Is The Crypto Market Crashing Today?

Innholdsfortegnelse

CoinPedia News

Andre artikler publisert på 8. juli 2024

Dubai Customs Launches Innovative Blockchain Platform to Transform Trade Operations

Binance to Remove Four Altcoins

TRON Price Analysis As TRX Outperforms with Highest Active Addresses, Is $0.14 Next?

Crypto: SEC on the Verge of Approving Ethereum ETFs

Bitcoin Bloodbath: Gold To Rally 100%, But What About Digital Gold?

German Bitcoin Sell-Off Persists with Massive Transfers to Crypto Exchanges

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!