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The crypto markets have followed the Bitcoin initiative and have experienced a vertiginous drop in the past day. Many major altcoins have been subject to significant selling pressure which has reduced most of them by at least 5%.
Today's downfall has caused crypto markets to lose nearly $ 20 billion from its weekly highs, raising the overall market capitalization of crypto from $ 187 billion to seven days to $ 170 billion. currently.
Bitcoin brings crypto markets down
The recent fall in the markets was triggered for the first time yesterday, after Bitcoin quickly peaked at $ 5,400. The cryptocurrency was then subjected to significant selling pressure which brought it back to its current level of about $ 5,050.
The descent of Bitcoin – which caused the downfall of today's market – has altered the technical strength of aggregated cryptography markets, which were experiencing a growing bullish trend in recent days and weeks.
Analysts now estimate that bitcoin could fall to $ 4,200 in the near future, which would undoubtedly encourage big players to give up even more of their recent gains.
The Cryptomist, a popular cryptocurrency operator on Twitter, discussed the possibility of a new retracement in a recent tweet, explaining that she thought the BTC could drop to $ 4,200 before finding support significant.
"$ BTC C is the beginning of the decline I just said. The RSI channel MUST be interrupted. In re-evaluating the RSI, I think we could go down to the $ 4,290 level (.060). I would be surprised if we went lower (we will reevaluate when the levels are reached). 48 & 39 RSI I look, "she explained.
There is the beginning of the decline that I said
The RSI channel MUST be interrupted. When evaluating the RSI again, I think we could go as low as
$ 4390 (0.5 fib)
Level of $ 4.2 (0.618 fib)
I would be surprised if we went lower (reevaluate when levels are reached)48 & 39 RSI I'm watching ? pic.twitter.com/YJNCIcNmt9
– The cryptomist (@The Cryptomist) April 11, 2019
It is important to note that today's sales have resulted in an increase in trade volume, which reached $ 63 billion while the weekly decline was $ 48 billion.
Most major Altcoins fall by almost 10%
The fall of Bitcoin led to the fall of most major cryptocurrencies, nearly 10% of them.
At the time of writing this article, Ethereum has slumped just under 9% to its current price of $ 165, down from the peak that it reached daily at $ 183. Although today's decline is negative, it is important to remember that the ETH is still significantly higher than its lowest monthly level of $ 130.
The XRP has also fallen today and is trading down nearly 8% to its current price of $ 0.33. This drop brought XRP down to its monthly lows of about $ 0.30.
The litecoin is one of the worst altcoins today, falling more than 11% to reach its current price of $ 78.90. The fall of today has led Litecoin to set a new weekly low around its current price levels.
General cryptography markets will closely monitor Bitcoin prices over the next few days, and whether or not BTC will be able to hold more than US $ 5,000 will likely indicate whether bulls are able to maintain momentum. ascending of the market.
Selected image of Shutterstock.
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