Key Takeaways
- BTC’s price crashes to the key support zone of $110,000 as the price faces a key decision to resume the bullish rally.
- A shift in the higher timeframe market structure for Bitcoin could signal the end of the current market dump for altcoins.
- Altcoins see over $200,000,000 liquidated as the market bleeds with over 5% price crash in the last few hours.
Weeks of bullish price action from Bitcoin and other crypto assets have been washed out in the last few hours following a market crash from a high of $117,000 towards a region of $110,000 for BTC, acting as a key demand area as altcoins suffer more price decline.
The last few hours for altcoins, including the likes of Ethereum, Solana, Ripple, and Cardano, have been more of carnage as the price of Bitcoin (BTC) crashing by over $7,000 has led to the market bleeding as investors and traders pay attention to price.
Bitcoin Nosedives to $110,000
Source – Bitcoin Trades into Support from TradingView
Following a strong price rally for weeks now towards new all-time highs of $124,000, the price of BTC has traded within a narrower range despite the market remaining optimistic of a potential price continuation.
The price of BTC struggled to continue its rally toward a potential high of $130,000 as the price traded around $118,500; however, the price has struggled with volume to the upside, leading to the market crashing to a lower price point.
With the price of BTC trading around $110,000, the price needs to defend this zone to prevent further price crash toward $100,000. A break below $110,000 support could trigger panic sells across the market towards the next support zone.
Despite the recent price crash, altcoins have suffered a significant crash, recording over 5% price crash, with more liquidations in the crypto market.
Altcoins Suffers Market Crash
Source – Crypto Market Data from QuantifyCrypto
According to real-time data from Quantifycrypto on the current state of the market, the cryptocurrency market looks to be bleeding following the market crash of Bitcoin.
Despite Ethereum and Solana looking strong in the early hours of market open, they are down by over 7% respectively in the last few hours.
The current market action lacks the volume needed for a market bounce, as the price would take some time to recover its lost volume and bullish dominance.
Despite the current market state, a strong rally for Bitcoin could spark a market bounce for altcoins towards a potential new all-time high for Ethereum.
Overall, market trade remains bullish for Bitcoin and altcoins in the coming weeks.
FAQs
What will one Bitcoin be worth in 2030?
BTC is predicted to hit a high of $250,000 in the coming years.
How much is 1$ Bitcoin in Naira?
One Bitcoin is currently worth over N177,600,000.
Related Read
