Key Takeaways
- The cryptocurrency market is experiencing a significant decline, resulting in over $170 billion in liquidations within the last few hours.
- The price could see a strong market dump towards the key support zone in the coming days if BTC loses its $108k support.
- Experts remain optimistic about price gains ahead of October, despite the recent price drops for altcoins.
The crypto market experienced a significant market crash, following a $170 billion market capitalization, which wiped out many long positions in the market, with on-chain data reporting this substantial market dump.
This massive crash across the market underscores market correction following weeks of prolonged price gains for Ethereum, Bitcoin (BTC), and Solana (SOL) as traders and investors remain wary of where the market could be headed next.
While traders attempt to navigate the turbulent market landscape at present, this highlights the volatility inherent in trading the cryptocurrency market, as the need arises for managing risk effectively using various strategies ahead of potential price crashes.
Bitcoin (BTC) and other crypto assets could see a market crash to a lower price region as the price continues to dip further, with prices trading around weekly lows, as the BTC price faces key support at the $108k demand zone. A break below this zone could eventually lead the price to crash into a lower price region.
BTC and Crypto Market Crashes
Source – BTC and Crypto Market Data from QuantifyCrypto
Over the past few weeks, traders and investors have struggled with BTC and other altcoins, following a prolonged price decline to the downside as the market has struggled to build strong bullish momentum.
The price of BTC, despite trading towards a high of $117k as market expectations were high of a strong rally towards a new all-time high, saw a gradual decline towards $114k, following a strong price decline towards $109,000, as the price could potentially see a break towards $108k, acting as a key demand area.
The price of BTC breaking into lower price regions, such as $108k, could eventually lead to a market crash, with the next support or demand zone for the price potentially falling to $100k to $98k.
Overall market price action for BTC appears bullish, despite the market suffering a severe crash in the last few weeks ahead of the monthly close, as traders and investors closely observe the price before taking the next line of action.
FAQs
Why is Solana price crashing?
Solana has suffered a price crash, dropping to $190 in the last few days, following the crypto market’s failure to hold a support zone.
Is October a bullish month for crypto?
Historically, October has usually been a good month for the market to rally to the upside.
Is crypto going to rise or fall?
There is strong speculation that the market will rally in October rather than fall, based on past data.
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