Bitcoin Tests Seven Day Lows; SOL, APT Crash Hard: Market Watch
- Bitcoin lost the $16.8k price level while Ether (ETH) dipped below the $1,200 price region on Wednesday.
- The best performers in the top 100, except top 10, are Nexo (NEXO), USDD (USDD), OKB (OKB), and BitDAO (BIT).
- The worst performers in the top 100, except top 10, are Luna Classic (LUNC), Solana (SOL), Aptos (APT), and Lido DAO (LIDO).
- The total crypto market liquidation in the last 24 hours amounts to $74.39 million of which ETH makes up around $24.65 million.
The crypto market has seen some of the worst months in recent memory, and it seems that the trend is unlikely to change as bears have once again gained control of the price action of the world’s biggest cryptocurrency, Bitcoin (BTC), and leading altcoins are also in the red. As the year is close to ending, investors in these blockchain-based tokens have witnessed a significant decline in their portfolios as well.
Some of the notable crashes that were seen in the crypto market include Solana (SOL) and Aptos (APT), two of the most hyped tokens in the crypto space, apart from Bitcoin (BTC) and Ethereum (ETH), the top two coins. Interestingly, investors might’ve noted a significant downtrend in the price action of other altcoins as well, which suggests that the bears in the market have still not given up.
It is also clear that the accumulation phase of Bitcoin is currently going on, but its intensity is not very high. Interestingly, the accumulation levels are significantly higher since September, when BTC dropped below $20,000 following the crash of multiple crypto firms.
Moreover, crypto investors are also hesitating to double down on their investments, which wasn’t the case in 2021 when the leading crypto coin, BTC, attained its all-time high of $69,000 while other coins also followed.
Additionally, as of 4:37 am ET, the price of a single Bitcoin stands at $16,666, down 1.20% in the last 24 hours and over 1.21% in the last seven days. BTC is currently testing seven day lows, and if the leading cryptocurrency fails to hold above this price level, investors might see BTC lose the $16k price region, which will not be a favorable outcome for investors.
Furthermore, the trading volume of bitcoin has surged by more than 30% in the last 24 hours, which confirms that the sellers have taken charge and bearish pressure is currently dominating the market. The market dominance of BTC has risen to 40.11%, which is a positive sign for the holders of the leading digital asset. However, this also confirms that the price trajectory of BTC will continue to affect the prices of altcoins, including Ether (ETH), the second-biggest coin. The market cap of BTC stands at $320.6 billion and is down 1.23% in the last 24 hours.
It is also clear that the majority of the altcoins are also sluggish, with leading meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) dropping 3.12% and 3.62% in the past week, respectively, while metaverse tokens The Sandbox (SAND) and Decentraland (MANA) have dropped 6.05% and spiked 0.26%, respectively in the same duration.
As reported by blockchain analytics firm Glassnode, the Bitcoin “Number of Addresses Holding 1+ Coins” has reached a new all-time high of 977,424; previously, it was 977,343 (observed on December 27, 2022). This confirms that gradually, the long term holders are adding BTC tokens to their bags, and it will be interesting to see how many of these addresses actually end up in profit in the upcoming years.
As per the 1 hour forecast chart below from PricePredictions, Bitcoin is expect to make higher highs as the leading coin has already been sold off for today and is now reaching its support zone. This zone is expected to hold, and we can expect a rebound from this region for BTC.
The Bitcoin price trend is currently bearish as any trades place in the last 24 hours would’ve resulted in losses.
The indicators have all turned bearish on the longer time frames following the sell-off witnessed in the last few hours. However, the 5 minute chart seems bullish, as seen below, and the RSI indicator is touching 50 for the 15 and 30 minute charts as well. This confirms that we can expect a few buy orders at the current support, which is being tested by the bears.
The market sentiment is mostly neutral for Bitcoin, and therefore, investors are advised not to expect huge gains from the leading crypto coin as a new year dawns upon them. We can expect the BTC price trend to turn bearish if the selling volume doesn’t subside.
Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.
Also, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has risen to 28, after dropping to 27 from 29 as noted in our Crypto Market Performance Report for Dec. 27. Furthermore, the investors’ sentiment currently reads “fear.”
Moreover, the market cap of the entire crypto space at the time of publication has dropped below the $800 billion mark and currently stands at $798 billion, and this value has gone down by 1.63% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,137, as listed on CoinMarketCap.
Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is up down by 2.05% in the last 24 hours and is currently priced at $1,196. After retaining the $1,200 price level for a number of days, the second-largest crypto coin failed to retain it. The trading volume of the cryptocurrency has surged by 22.98%, while the market dominance has dropped to 18.31% in the past 24 hours.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $74.39 million, of which, Bitcoin made up $15.23 million and Ether made up $24.65 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 showed bearish movement with BNB down 0.03% to $243.83; XRP down 3.75% to $0.3572; DOGE down 4.99% to $0.07133; ADA down 4.83% to $0.2521, and MATIC down 4.01% to $0.7852.