- Bitcoin’s price crashes to almost $30k.
- Moreover, top altcoins may experience a bearish market.
Bitcoin continues to be one of the active cryptocurrencies closely monitored by many investors around the world. In the past few days, BTC has kept dominating the crypto world by breaking one resistance level after another. Today, BTC opened its day at a price of $38,000 and plunged to almost $30,000. Hence, BTC price crashed to over -22% from its $41,950 resistance level.
This bearish performance of Bitcoin made crypto mentor and investor DonAlt react in a tweet.
$BTC update:
That does indeed look like a big drop even though it just revisited the first support on the chart.
Given this is a parabola losing support wouldn’t be optimal so this is the level to watch. pic.twitter.com/juhGm2MOID
— DonAlt (@CryptoDonAlt) January 11, 2021
Aside from DonAlt, there are also other crypto holders on Twitter who are waiting for the Bitcoin price to nosedive. One of these Twitter personalities is Lark Davis, another crypto personality.
In terms of Bitcoin’s price volatility, the crypto community has several points of view. Also, there are others that see the decline of Bitcoin as a retracement, while others believe it is a bearish signal.
At the same time, the bearish price of Bitcoin was also felt by most of the altcoins in the crypto world. Recently, the price of altcoins such as ETH, XRP, and BCH, to name some, suffered to over -10% 24-hour loss.
Are you now curious about the direction of cryptocurrencies amid the Bitcoin nosedive? Let us find out in this CoinQuora price analysis. Similarly, let us identify if the crypto market is entering a bearish signal or if it is just retracing.
Ethereum (ETH)
Ethereum is one of the most active digital assets in the crypto industry. In fact, ETH technology is one of the top choices of many startups in creating their cryptocurrency. Therefore, the mass adoption of ETH cryptocurrencies is expected. However, despite how popular ETH in the crypto market, Ethereum still can’t escape market downs.
As seen in the graph above, ETH experienced an unexpected bearish dip from its uptrend signal in the past days. Today, the crypto trades a low price of $1,001 with a decline rate of -20% in the past 24 hours. Also, ETH price positioned itself below the Arnaud Legoux Moving Averages (ALMA), a bearish indicator.
Ripple ( XRP)
Ripple has shown a great performance in recovering from its bearish signal in the past week. Lately, XRP price has surged up to $0.37 from its bearish position of $0.17. Consequently, the market capitalization of the crypto boosted to over $16 billion.
Also read: Ripple (XRP) Price Analysis and Price Prediction 2021
After a few days of its price surge, the price of XRP declined. XRP price plunges to over $0.25, a price level that breaks the support level of $0.28. In other words, XRP is now facing a downtrend within the bearish territory. But, XRP still has the opportunity to recover since its Moving Average Convergence/Divergence (MACD) still moves above the signal indicator.
Bitcoin Cash (BCH)
Bitcoin Cash is also one of the altcoins that were caught in the crypto market’s wild market swings. As a result, the crypto market capitalization declined from $11 billion to $9 billion. For this reason, the crypto is now facing a bearish market.
As of the time of writing, the crypto trades $500 per crypto with a decline rate of -12.3% in the past 24 hours. If this continues, the price of the crypto might fall deeper to $417.52, a bearish territory.
Also read: Bitcoin Cash (BCH) Price Analysis and Price Prediction 2021
In terms of trading, the relative strength index (RSI), is now performing a price reversal. In other words, BCH right now is not recommendable for scalping and day trading. In this case, swing and position traders might have a greater advantage.
Conclusion
In conclusion, Bitcoin’s bearish performance is not just felt by the coin itself. In the same way, altcoins in the crypto world seem to be affected by BTC’s activity. Therefore, it is important to monitor the movement of Bitcoin. Accordingly, we can identify whether the price of the coin and other altcoins in the crypto world would retrace or head already to the bearish territory.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Source: https://coinquora.com/bitcoin-altcoins-dip-are-crypto-entering-bear-territory/
