Crypto Market Crash News As BTC Price Crash Back To 56K
Release: 2024/07/08 14:54 Reading: 940
Cryptocurrency Market Crash Update
The cryptocurrency market experienced a significant decline over the weekend, with Bitcoin's price falling below $56,000. This triggered a wave of sell-offs in altcoins, leading to a volatile and uncertain market environment.
Bitcoin Price Performance
After a brief recovery on Saturday, Bitcoin plunged by 4% on Sunday, pulling down the altcoin market. It currently trades around $55,000, facing a 1.30% intraday loss and a low of $54,296. This downturn has continued into Monday's early Asian trading hours, indicating potential for further declines.
Altcoin Impact
The bearish sentiment has heavily affected major altcoins. Ethereum, Solana, and Toncoin have dropped by 3.99%, 5.3%, and 4.67%, respectively. Meme coins have suffered even more, with DOGE, SHIB, and PEPE experiencing losses of 6.51%, 4.95%, and 11.23%.
Bitcoin Price Analysis
Weekend's BTC Price Drop Analysis
Bitcoin's sharp decline on Sunday created a bearish engulfing candle, intensifying the bearish sentiment. Long liquidations reached $111 million on Sunday, followed by an additional $75 million early Monday, reinforcing the downtrend.
Bitcoin Network Hashrate Drawdown
The Bitcoin network's hashrate has reached critical levels, similar to those seen in December 2022. Historically, such drawdowns have signaled a potential market bottom or an impending bullish phase, but current price action indicates persistent bearishness.
Major External Influences: Mt. Gox Payout
The ongoing Mt. Gox payout from the collapsed crypto exchange has heightened market concerns. Creditors will receive Bitcoin or Bitcoin Cash, potentially injecting around $2.71 billion into the market, which could induce further volatility.
Future Outlook and BTC Price Prediction
The recent market crash and BTC price drop, coupled with the lack of activity from Bitcoin whales, suggest that the downturn may persist. In the next few hours, it may be challenging for BTC to surpass $60,000 without significant positive news. However, in the long term, BTC's price will likely recover and rebound. In the meantime, it may fluctuate between lows of $55,000-$56,000 and highs of $58,000. The next significant support level for Bitcoin is $52,000.
Crypto Market Prediction
Amidst ongoing fear, uncertainty, and doubt, the crypto market crash is likely to continue its downward trajectory. Altcoins and meme coins will likely face further price drops and liquidations. Investors should prepare for market instability in the coming week.
Altcoins Price Prediction
With Bitcoin's struggles, altcoins may experience increased liquidations and further price declines. Ethereum may find it difficult to regain $3,000 or maintain its value, while Solana could drop to $129 and correct to $133, with a resistance level at $135. XRP will likely struggle to stay above $0.40, fluctuating between $0.41 and $0.42.
The crypto market crash news signifies a challenging period, influenced by technical indicators, market sentiment, and the Mt. Gox payout. Staying informed and exercising caution is essential during this volatile time.
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