Ok right now it looks like things are beginning to slow down, the consistently dropping prices seems to have found new support level where the bulls finds confident to absorb the supply from the market sellers. Well, before we get into the market in general, let us first of all make a review on Bitcoin market price and behaviors.
BTC MARKET REVIEW
The current BTC price is at $82,999 as at the time of writing. Following the recent sales pressure, Bitcoin dropped to about $76,700 where it found support and gradually appreciated to $84,400 where it found the next resistant, slowly dropping down to $82,999 being the current price as at the time of writing.
If we have to analysis the market going by 30minute time frame, we can see that a bullish pattern is visible in the market, a clear indicator that the market might be recovering, and if BTC breaks that resistance level at $84,422 into upper newer territory, we can anticipate a clear market change and a bullish trend coming in.
I see that most Bitcoiners had hastened to dump their bags Thinking we might be entering into another 4 years bear market cycle. What would you call them, paper hands? hahah! To be really honest, all of us did the same thing, but could be for different intentions.
Of course no good investor would hodle when it's clearly going down. Everyone will want to sale; some to cuts losses, some to take profits and some to buy bag back at a discounted price at the market floor.
HOW IS THE MARKET IN GENERAL?
The global crypto market cap is $2.69T, a 1.28% decrease over the last day. The total crypto market volume over the last 24 hours is $93.92B, which makes a 23.38% decrease. The total volume in DeFi is currently $5.92B, 6.30% of the total crypto market 24-hour volume. The volume of all stable coins is now $88.44B, which is 94.17% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 60.85%, a decrease of 0.35% over the day, according to coinmarketcap.
Market fear and greed index is current 21% displaying an an extreme fear
However, am perceiving that the market might be recovering based on the current market behaviors recently posting higher lows, though we are finding difficulty breaking major resistance levels, but should we break through these levels, I perceive the market might fully recover. Lets take a look at the popular altcoins market prices.
ALTCOIN MARKET PRICES TODAY
ETH price is currently at $1899, down at about 16%
XRP price is currently at $2.33, down at about 10%
BNB price is currently at $589, down at about 0.27%
ADA price is currently at $ 0.7506, down at about 21.67%
Litecoin price is currently at $18.19, down at about 15.55%
optimism price is currently at $0.8484, down at about 14.77%
CONCLUSION:
It's important to understand that the crypto market is volatile and involves a great risk of losing most of your funds if not all, therefore keep doing your own research to build confidents on yourself and making better investment decisions. We will continue to see different market variables, so its important to take your trade with dignity. Thank you for stopping by.
Resources: Coinmarketcap.com
And screenshots from trading view.