Is Another Bitcoin Crash Coming?
According to Iran Economist, citing Coin, Bitcoin recovered from the $18,000 level in early September after failing to cross the $24,000 mark, and the 50-day and 100-day moving averages, which were around $22,000, supported the price. It declined to the downside, but Bitcoin has failed to break through a significant downtrend line, where it has remained below since the start of the current bear market.
Although the $18,000 level remains intact, the market structure will be bearish until the price successfully crosses the mentioned downtrend line and reaches the $24,000 resistance. Furthermore, a break of the $18,000 level could initiate a bloodbath as the market may fall to $15,000 and even deeper in the short term.
On the 4-hour chart, it is clear that after breaking the $20,000 level following a strong return to the $18,000 support, Bitcoin broke through $22.5,000 and quickly returned to the $19,000 area, which currently serves as support. It is original.
The Fibonacci retracement tool also places price in an important area between 0.618 and 0.5, called the “Fibonacci Golden Zone”. Therefore, if this level is maintained, another increase towards the level of $22,500 and finally the level of $24,000 is conceivable.
However, according to the Relative Strength Index (RSI) indicator, the more likely scenario would be a breakout and a bearish continuation in the short term as the move is in favor of the bears.
Whales are an important group among market participants. Hence, tracking their behavior may help predict trends. The trade whale ratio measure can be used to identify their activity by comparing the ratio of whale deposits to the total amount of deposits in a day.
According to the charts, it is clear that the whales were able to distribute their coins in the early stages of the bear market and accumulate at lower prices.
Currently, the metric is still in an uptrend, indicating distribution. Overall, the market appears to be a long way from its bottom and a final surrender event may occur.
The total value of the global digital currency market is currently estimated at 973.33 billion dollars, which is 0.92% higher than the previous day. Currently, 39.43% of the total digital currency market is owned by Bitcoin, which has decreased by 0.07% in one day.
The total volume of the digital currency market in the last 24 hours is 48.13 billion dollars, which has decreased by 26.47%. The total volume in decentralized finance is currently $3.86 billion, which is 8.02% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $43.74 billion, which is 90.87% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 07:36 AM ET)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 20 thousand 27.56 dollars
Price changes in the last 24 hours: 0.09% increase
Price changes in the last week: 0.56% increase
2- Ethereum
Price: $1454.61
Price changes in the last 24 hours: 0.09% increase
Price changes in the last week: 0.91% increase
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.01% increase
4- USD coin
Price: 1.00
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.01 percent decrease
5- Binance Coin
Price: $277.61
Price changes in the last 24 hours: 0.19% increase
Price changes in the last week: 0.42% increase
6- Cardano
Price: $0.4836
Price changes in the last 24 hours: 0.14% decrease
Price changes in the last week: 1.13% increase
7- Ripple
Price: $0.3699
Price changes in the last 24 hours: 0.30% increase
Price changes in the last week increased by 5.42%
8- Solana
Price: $33.61
Price changes in the last 24 hours: 0.02% decrease
Price changes in the last week: 2.75% increase
9 – Dogecoin
Price: $0.06149
Price changes in the last 24 hours: 0.59% decrease
Price changes of a recent week: 1.44% increase
10- Polka dot
Price: $6.98
Price changes in the last 24 hours: 0.39% decrease
Price changes in the last week: 0.33% decrease