The past few days have not been for the faint-hearted in the crypto market. Yesterday saw the sharp correction after a weekend rally propelled Bitcoin to a 7-day high of $21,400. Tuesday was like a roller coaster ride, driven by the turmoil of crypto exchange FTX.
After the planned takeover of FTX by Binance became known, in the meantime there was hope for a massive recovery. Crypto trader @MartiniGuyYT, with 430,000 Twitter followers, has already proclaimed the success of the trough. The bear market is over.
Therefore, he then recommended to buy Bitcoin. The current time is ideal for accumulating BTC. Together, the tweets suggested an impending bull run.
But then everything went differently than expected. Slight recovery impulses did not prevail. The bears took over and pushed the price of Bitcoin down. The entire crypto market has entered a massive downward spiral.
Soon after, the crypto influencer had to backtrack and refer to the Bitcoin crash. The tweets arrived in less than two hours and reveal yesterday’s tumultuous trading momentum. The bulls and bears fought a fierce battle over who to interpret what was happening on FTX – seemingly with the best ending for the bitcoin bears.
Bitcoin price -7.5%: Strong selling pressure, breakout of the sideways range – bearish!
The entire crypto market is currently trading around 9% in the red. In the past 24 hours, approximately $100 billion in market capitalization has been wiped out. Liquidity issues at major exchange FTX caused a massive loss of confidenceforcing investors to withdraw more and more capital from the digital currency market.
Bitcoin price also joins here and has lost around 7.5% of its value in the last 24 hours. With that, BTC is currently trading around $18,165, slightly above the 24-hour low marked at $17,579 according to Coingecko data.
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The recent decline has been accompanied by high volume. At the same time, bitcoin price broke out of the side channel and is trading below support at around $18,800. Also in the daily chart, BTC price crossed the 20 and 50 SMA downso that other sell signals were generated.
Michael Saylor Remains Optimistic: Players Are Changing, But Bitcoin Will Remain
However, Michael Saylor, CEO of MicroStrategy and avowed crypto bull, calmly views the current development. As a result, players in the crypto world may change, FTX may disappear, Binance get even stronger.
However, the basic concept behind BTC remains the same. In the long term, Michael Saylor remains optimistic. Those in agreement here may continue to hoard BTC after the price crash – at best in slices because there is still some downside after the loss of support.
How low can bitcoin fall?
In the short term, the chart technique for Bitcoin implies further decline. This is also indicated by the last string data. Since the inflow of foreign currency has reached Bitcoin a 4 month high. Apparently, more and more holders are transferring their BTC from wallets to exchanges – this implies an intention to sell Bitcoin.
You can also 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’s collapse come true. Alternatives in the crypto space for more diversification could also be presales, who have been diligently raising capital in recent weeks despite the bear market. Because it suggests relative strength.
For example, the Dash 2 Trade presale was able to reach over $5 million in capital raising in about two weeks.. Although the momentum may also diminish somewhat in the struggling overall market, there is still a chance of a pump after the ICO in Q1 2023.
Dash 2 Exchange has an exciting concept and would like to build some sort of Bloomberg terminal for the digital currency market. Here traders should find trading signals, on-chain data, pre-sell notices, social trading, sentiment and more to make trading even more profitable.
With nearly 50,000 Twitter followers in less than three weeks, demand for trading solutions like Dash 2 Trade seems to be on the rise. This trend is likely to increase in the coming years as crypto adoption grows – regardless of volatile short-term fluctuations in the overall market.
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