A sharp rejection of resistance over $ 9k was not entirely unexpected. The Bitcoin Prize has been ready to pass this level for the best part of the week. When that happened, an instant fake occurred, and the crypto prices died a thousand dollars in a matter of hours.
Crypto Market Cap hits a match
The move sent $ 25 billion of digital assets back to fiat as fear of a major correction mounted. Total market value reached a new 201
Total market value 1 hour light – tradingview.com
As usual, altcoins have been hit hardest. Most of them are still hopelessly connected to bitcoin, so much so that when it gets a cut, they bleed. Many dumped two digits during Asian trade today. Bitcoin SV, after its fake pump yesterday, shed 20 percent while Bitcoin Diamond lost 18 percent.
Ethereum 0 0 fell back to $ 250 in a 10 percent slip and Bitcoin Cash fell to $ 420 after losing a similar amount. The rest of the altcoins are in pain at the moment, as all gains over the last couple of days are wiped out.
Looking at the bigger picture, a market value of $ 260 billion is still rising 7 percent a week, 54 percent a month and over a hundred percent since the beginning of the year. May has been the brightest month for crypto for a long time, so this movement is quite small in the big scheme of things.
Will Bitcoin Dump 30%?
There have been many calls for a recent withdrawal of this size. After all, there have been eight times during the last show.
If this is the beginning, BTC / USD will return to $ 6k before supporting and stabilizing support. Analysts still have a mixed opinion whether this will actually happen or not. Trader Josh Rager tweeted:
$ BTC pullback came before the level all expected … The majority have been ahead of the race all year and this is another case. Can still jump from low $ 8ks to $ 9k +, but would like to see a daily close over $ 8200. Bulls stepping in.
$ BTC pullback came before the level all expected.
Please read the retweets from the last couple of days
The majority have been ahead of the run all year, and this is another case
Could still bounce from low $ 8ks to $ 9k +, but would like to see a daily nearby over $ 8200
Bulls stepping in pic.twitter.com/dDrhe6Mudc
– Josh Rager 📈 (@Josh_Rager) May 30, 2019
At the time of writing, Bitcoin had stabilized Over $ 8,200 after losing over 10 percent in a few hours yesterday. A fall below $ 8k can see things moving south pretty quickly with the next big support level lying around $ 7,400. Dropping under it will be in 30 percent territory, which is likely to cause mass accumulation around $ 6,000. Overall, the corrections are natural, so that market movements over the last 24 hours should not cause concern. The Crypto winter is definitely over, and the term "buy dip" is now on everyone's lips.
Will Bitcoin hold over $ 8k or is the 30% correction incoming? Add your thoughts below
Pictures via Shutterstock, Tradingview.com
