The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin fails to hold crucial support levels and amid the recent crackdown by China on local miners, the Bitcoin network hashrate has also tanked further 30%.
After hitting $40,000 last Tuesday, Bitcoin has been continuously trading under pressure and the next level seems to be $30,000 as of now. As Bitcoin has been showing correlation with the equity market in recent times, it is at risk of further price fall if Wall Street comes under pressure.
Citing the strength of the U.S. Dollar Index (DXY) analyst Willy Woo pointed out that money has been flowing back to the USD as investors look for security. This can possibly lead to weakness in the equity markets going ahead. Thus, BTC remains at a risk of further correction from this point onwards.
A Quick Look at the Altcoin Market
- Ethereum (ETH) is down 9% today moving closer to $2000 levels but holding well above. After hitting its all-time high of $4400 in mid-May, ETH has been trading sideways for a while now. The ETH price is more than 50% down now.
- Dogecoin (DOGE) and XRP are the biggest losers in the top ten list crashing 13% as of writing this story.
- Polkadot (DOT) gained momentum last week moving past $25 has corrected 20% since then. Today, the DOT price is down by 10% slipping under $20.
Overall market scenario clearly remains bearish at this stage and bulls are having a tough time. Profit booking has ensued at every price rise over the last week. It is quite a wait and watches moment as data from market whales and retailers give mixed signals.