Bitcoin (BTC) has failed to retain $17k and is now retesting $16k, while Ether (ETH) has dropped to $1,100.

Bitcoin Retests $16k, Altcoins Crash, Binance’s BNB, TWT Nosedive: Weekend Report

  • Bitcoin (BTC) has failed to retain $17k and is now retesting $16k while ETH has dropped to $1,100.
  • The worst performing tokens are Kava (KAVA), Chain (XCN), Trust Wallet Token (TWT), and Filecoin (FIL).
  • The best performing cryptocurrencies are Toncoin (TON), PAX Gold (PAXG), Neutrino USD (USN), and UNUS SED LEO (LEO).
  • The total crypto market liquidation in the last 24 hours amounts to $154 million of which ETH makes up around $34.76 million.

The crypto market collapsed on Saturday in an unexpected move as the selling pressure from the bears surged. This can be due to the world’s biggest cryptocurrency, Bitcoin (BTC), failing to breach the strong price resistance present towards the $18k price region, which was broken this week, but bulls failed to conquer this region. Meanwhile, the altcoins crashed significantly as well, while the crypto coins associated with Binance, i.e., BNB and TWT, also nosedived.

The Bitcoin price action has been quite stagnant recently, with not much to see. The oldest cryptocurrency, recognized by the Guinness Book of World Records, has been trading between the $16k and $17k price levels for the past few weeks, and it looks like the next week might also remain the same. The nearest support for the digital asset stands at the $16k price region, which has been retested a number of times and currently holds strong.

On the other hand, the accumulation of Bitcoin (BTC) has dropped, and it seems that the number of sellers in the market has surged. As of 8:39 a.m. ET Thursday, the price of 1 Bitcoin (BTC) is around $16,696 and is down 1.77% in the last 24 hours. On the other hand, the trading volume of the crypto coin has dipped by 3.25%, which confirms a lack of volatility while the market dominance of the token stands at 39.90%.

It is also crucial to note that what was once a trillion dollar cryptocurrency has now seen a significant decline in its market capitalization since the bear market has set in. Additionally, the current market cap of Bitcoin stands at $320.9 billion, and it seems that the situation is not very likely to improve in the coming days. In the last 7 days, the price of Bitcoin has dipped 2.7%, which confirms that all the gains made earlier this week have been wiped off.

Additionally, the chart below from PricePredictions shows that Bitcoin continues to form lower lows which means that the prices might continue to drop on the shorter time frame. Moreover, we can also expect a retest of lower price levels if the $16k price support does not hold. However, if $16k holds, another attempt at reclaiming $17k can be expected.

Bitcoin (BTC)
Source: PricePredictions

Additionally, the sentiment of Bitcoin trading activity remains bearish, and traders are advised not to engage in crypto trading right away because the future is uncertain.

Bitcoin (BTC)
Source: PricePredictions

The chart below shows all the major indicators used in the crypto space to predict the future price action of cryptocurrencies and place traders. Interestingly, the chart below confirms that every signal is bearish on all time frames, including the RSI and the MACD indicators. These indicators are used to measure selling pressure in the market, and based on current readings, sellers are definitely dominating the buyers.

Bitcoin (BTC)
Source: PricePredictions

The overall market movement is currently bearish, but it has been bearish and neutral for the past few hours. For similar timely predictions, traders can register on PricePredictions

Bitcoin (BTC)
Source: PricePredictions

Additionally, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has dropped to 28, after dropping to 29 from 31 as per our Crypto Market Performance Report for Dec. 16. Investor sentiment currently reads “fear,” and if the situation remains the same, it might change to “extreme fear.”

Furthermore, the market cap of the entire crypto space at the time of publication stands at $805 billion, and this value has decreased 2.73% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,057, as listed on CoinMarketCap.

Moreover, the world’s second-biggest cryptocurrency, the Ether (ETH) token is down 2.62% in the last 24 hours and is currently priced at $1,178. ETH’s volatility has been on the bearish side this week as it failed to retain $1,300 after breaking $1,200. The trading volume of the cryptocurrency has surged by 21.13%, while the market dominance has dropped to 17.93% in the past 24 hours.

According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $154 million, of which, Bitcoin made up $32.58 million and Ether made up $34.76 million.

Excluding Bitcoin and Ether, the other top 10 cryptocurrencies in the industry are Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).

The other top 10 cryptocurrencies show bearish movements with BNB down 4.40% to $237.96; XRP down 3.18% to $0.3522; DOGE down 6.14% to $0.07708; ADA down 6.93% to $0.2649 and MATIC down 5.72% to $0.8037.

On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Kava (KAVA), Chain (XCN), Trust Wallet Token (TWT), and Filecoin (FIL).

Interestingly, KAVA was down 13.80% to $0.7131; XCN was down 17.37% to $0.02518; TWT was down 17.22% to $1.57; and FIL was down 21.17% to $3.04.

Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are Toncoin (TON), PAX Gold (PAXG), Neutrino USD (USN), and UNUS SED LEO (LEO).

TON was up 2.45% to $2.48; PAXG was up 0.97% to $1,804; USN was up 1.83% to $0.6118; and LEO was up 6.38% to $3.93.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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