The past few days have not been for the faint of heart in the crypto market. Yesterday saw the sharp correction after a weekend rally, bringing Bitcoin to a 7-day high of $21,400. Tuesday was like a roller coaster ride, driven by the turbulence on the crypto exchange FTX. After Binance’s planned takeover of FTX became known, there was hope for a massive recovery in the meantime. Crypto trader @MartiniGuyYT, with 430,000 followers on Twitter, has already proclaimed the successful bottom. The bear market is over.
Therefore, he recommended buying Bitcoin. The current time is ideal for accumulating BTC. Together, the tweets hinted at an impending bull run.
But then everything went differently than expected. Small recovery impulses did not prevail. The bears took over and pushed the Bitcoin price down again. The entire crypto market went into a massive downward spiral.
A short time later, the crypto-influencer had to backtrack and refer to the Bitcoin crash. The tweets came in less than two hours and reveal the tumultuous dynamics of trading yesterday. Bulls and bears engaged in a fierce battle over who should interpret what happened on FTX – seemingly with the better end for the bitcoin bears.
Bitcoin Price -7.5%: Strong Selling Pressure, Breakout of Sideways Range – Bearish!
The entire crypto market is currently trading around 9% in the red. Over the past 24 hours, about $100 billion in market capitalization has been wiped out. The liquidity problems on the major exchange FTX led to a massive loss of confidence, so investors increasingly withdrew capital from the digital currency market. The Bitcoin price also joins in here, losing around 7.5% of its value in the past 24 hours. With that, BTC is currently trading around $18,165, slightly above the 24-hour low mark of $17,579 according to data from Coingecko.
Trade bitcoin for free
The recent move down has been accompanied by high volume. At the same time, the bitcoin price broke out of the sideways channel and is trading below the support at around $18,800. Also in the daily chart, BTC price crossed down the 20 and 50 SMA, generating further sell signals.
Michael Saylor Remains Bullish: Players Are Changing, But Bitcoin Will Remain
However, MicroStrategy CEO and self-confessed crypto bull Michael Saylor takes a calm view of current developments. Therefore, the players in the crypto world can change. FTX may disappear, Binance becomes even stronger. However, the basic concept behind BTC remains the same. In the long term, Michael Saylor remains bullish. Those who agree here could continue to accumulate BTC after the price drop – at best in tranches as there is further downside potential after support is lost.
Will Bitcoin Keep Falling?
In the short term, the charting technique for Bitcoin implies further downside. This is also indicated by the latest on-chain data. Because currency inflows hit a 4-month high for Bitcoin. Apparently, more holders are transferring their BTC from wallets to exchanges – this implies an intention to sell Bitcoin.
Alternatively invest in presales: Crypto tip Dash 2 trade with 10x potential?
Most coins are currently a bottomless pit, the massive price drop since yesterday indicates further downside potential. Memories of the Terra Network collapse come true. Alternatives in the crypto space for more diversification could also be presales, which have already been busy raising capital in recent weeks despite the bear market. Because this suggests a relative strength.
For example, the Dash 2 Trade presale could reach over $5 million in raising capital in about two weeks. Although momentum may also drop somewhat in the ailing overall market, there is still a chance for a post-ICO pump in Q1 2023.
Dash 2 Trade has an exciting concept and wants to build a kind of Bloomberg terminal for the digital currency market. Here traders should find trading signals, on-chain data, presale reviews, social trading, sentiment and much more to make trading even more profitable. With nearly 50,000 Twitter followers in less than three weeks, the demand for trading solutions like Dash 2 Trade seems to be there. This trend is likely to increase in the coming years as crypto adoption progresses – regardless of short-term volatility in the overall market.
Here to Dash 2 Trade
Follow our affiliate links:
Buy your cryptos PrimeXBTnext generation trading platform
Secure your cryptos on wallets like ledgers and Trezor
Participate in your crypto transactions anonymously NordVPN