Why Did BTC, ETH, SOL, XRP, SHIB Fall, Collapse Appeared This Week?
The crypto market is showing new signs of weakness as bull and bear clash over dominance. Investors almost lost 150 billion dollars In the last few days, the value of the crypto market has fallen from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins have failed to sustain upward momentum and continue to decline due to lack of trading volume in spot and derivatives markets.
Has the market trend changed as crypto tries to overcome macroeconomic concerns? Crypto Fear and Greed Index It revealed a change in trends and sentiments since May 6. With the technical charts looking weak, the index fell from 71 to 64 in three days.
Crypto Market Sells As Bitcoin Price Loses Momentum
Bitcoin price fell below $62,000 during US hours as investors took profits or liquidated long positions. BTC price has fallen over 5% this week and is down over 1% today, May 8. Transaction volume has decreased further in the last 24 hours.
Bitcoin has fallen for a variety of reasons, including hawkish statements from Fed officials including Neel Kashkari, regulatory pressures, upcoming option expirations and weak patterns. The latest statements are spooking the crypto market, despite dovish comments from Fed Chairman Jerome Powell and positive economic factors last week.
Maximum pain price This expiration date for Bitcoin is $62,000 and investors are preparing for a crash if the BTC price falls below this level. Notably, draw bets are higher on the following days, with 62,500 and 60,500 key levels to watch. Despite this, analysts remain optimistic that the Bitcoin price will rise this year as stagflation concerns ease.
Meanwhile, US dollar index (DXY) rose for three consecutive days to 105.50, the highest level since mid-November. Investors are waiting for statements from Fed officials regarding the course of the market and the economic outlook. According to current data, the Fed is likely to cut interest rates in September.
Moreover, US 10-year Treasury yield (US10Y) jumped 4.481% today. The increase in numbers as Bitcoin moves inversely to the DXY and Treasury yields shows that pressure on Bitcoin is still increasing.
Bitcoin is still in the consolidation phase and needs to break above $63,700 for a short-term recovery and $70,000 for a rally, ending the sell-off in the crypto market. BTC dominance currently stands at 53.4%.
Crypto Market Liquidation
coin glass Data shows that more than $400 million has been liquidated in the crypto market in the last few days. Of these, $330 million in long positions were liquidated and approximately $70 million in short positions were liquidated.
More than 65,000 investors were liquidated in the last 24 hours, with the largest single liquidation order occurring on crypto exchange OKX when someone traded ETH for USD worth $3.86 million.
Ethereum (ETH) prices fell below $3,000, triggering weak trading and selling in altcoins. solana (SOL), BNB, XRP, dogecoin (DOGE) and Shiba Inu (SHIB) prices are down 2-6% in the last 24 hours.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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