With Bitcoin Under $56K, Why Is The Crypto Market Crashing Today?
Release: 2024/07/08 13:04 Reading: 622
Bitcoin Crash: Market Takes A Hit
With a substantial 4% drop on Sunday, the crypto market entered a bearish zone, overshadowing Saturday's recovery. The supply surge has further exacerbated the decline on Monday during the early Asian trading hours.
Bitcoin is currently trading at $55,269, showcasing an intraday loss of 1.30% and a low of $54,296. The altcoin market has followed suit, marking the beginning of the week with a bearish tone and significant liquidations.
Ethereum, Solana, and Toncoin have plummeted by 5.25%, 7.23%, and 5.45%, respectively. Meme coins have also taken a significant hit, with DOGE, SHIB, and PEPE experiencing drops of 8.08%, 7.64%, and 12.84%, respectively.
The market's somber Monday Blues have amplified the anticipation of a larger crash this week. A comprehensive analysis of the top cryptocurrencies provides a clearer perspective on the market's trajectory.
Bitcoin Price Performance
The recovery seen on Saturday was short-lived, as Bitcoin's declining trend persisted. Breaking below the $56,000 level, BTC currently trades at $55,269, marking an almost 5% drop in the last 24 hours.
The BTC price's breach of the descending trendline on the daily chart further strengthens the bearish sentiment. Sunday's 4% drop created a bearish engulfing candle, signaling the resumption of the downtrend.
The broader market's long liquidation of $111M on Sunday continued into Monday with $75M in the early hours. The ongoing price action suggests a downtrend continuation, further supported by the long liquidations.
Bitcoin Hashrate Drawdown
The Bitcoin network's hashrate drawdown, an indicator of mining activity, has reached critical levels. According to Cryptoquant, the metric has fallen to levels not seen since December 2022.
Historically, such hashrate drawdowns have coincided with significant price movements. The December 2022 drawdown preceded a notable bullish reversal, hinting at the possibility of a similar price shift currently.
Mt. Gox Payout Impacts Market
The payout scheme from the collapse of the Mt. Gox crypto exchange in 2014 has instilled fear among investors. After a decade-long wait, the repayment process has begun, raising concerns about a potential supply dump.
According to the trustee document, Mt. Gox creditors will receive Bitcoin (BTC) or Bitcoin Cash (BCH) within the next 2 weeks or 3 months, depending on their chosen exchange.
While the payout aims to mitigate a major price dump, the distribution of around $2.71 billion in BTC could still impact the market.
Bitcoin's Direction This Week
With the ongoing market fear, bearish movements are likely to continue this week. Bitcoin's fall below $56,000 indicates the next support level at $52,000. The downtrend also increases the possibility of a death cross between the 50D and 200D EMA.
Expect further liquidations and a substantial dump in the altcoin market as the crash continues.
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