Thursday, September 21, 2023

Bitcoin Rejected $30K Again While Avalanche Crashes By 9%

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Bitcoin rejected $30K again and got stopped once near the level while Avalanche crashes by 9% and most other altcoins including ADA, SOL, AVAX are in worse shape so let’s read more today in our latest Bitcoin news.

The familiar scenario happened on the crypto market in the past 24 hours as Bitcoin rejected at $30K again and the altcoins followed suit with the daily declines. ETH dropped below $2000 while ADA, SOL, and AVAX got into the deep red. After a week of sideways trading where BTC remained stuck near the $30,000 mark, the crypto calmed during the weakened and stood under that line. The bulls came out to play on Sunday and pushed the asset north so as a result, BTC surged above this level and kept on increasing to a new high of $30,600.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As it often happened plenty of times in the past two weeks, BTC failed at that point and reversed the trajectory so, in a matter of hours, BTC crashed by $2000 and found itself trading at $29,000 again. As of now, it reclaimed some ground but it is still down 3% on the day so its market cap dropped to $560 billion. Similar to BTC, most coins retraced and ETH led the way as it neared $2100 but then failed there. A 4% drop pushed the second biggest crypto below $2000.

Ripple, DOGE, and DOT marked similar daily decreases while BNB remained still. More losses are evident from Solana, SHIB, Cardano, and Avalanche while AVAX is down by 9% in one day and sits below $30. the market cap erased all of the gains from yesterday and it is back at $1.260 trillion.

BTC extended its record streak of losses for eight weeks now and set a record for the most consecutive losing weeks. Compared to May 16, the closing figure of $31,000, BTC closed at $30,287 according to the Bitstamp data. Today’s prices were about $29,375. before last week’s record seventh straight week of red candles, the previous mark for the consecutive losing week was six during the 2014 bear market. Back in 2014, it steadily fell from $507 to $323 from August 25 to October 6.

BTCUSD. Source TradingView

The on-chain data indicated that BTC is in a bear market. Barry Jiang from the Huobi Research Institute said that he thinks BTC can still drop as low as $21,000 before signs of a rebound. Bitcoin’s Fear and Greed Index which is a combination of variables that measure market sentiment and gave a single-digit reading of 8 which is the lowest since the COVID crash in March 2020.

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