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<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?

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