Saturday, December 10, 2022

Markets Retreat: Bitcoin At $18,000 And Ethereum At 1,500, What Analysts Have To Say?

Key Facts:
  • Bitcoin failed to consolidate in the $20,000 area; Ether failed at $1,700.

  • Cryptocurrencies like DOGE, ADA or SHIB are down as much as 6% this Tuesday.

Earlier this Tuesday, September 6, the cryptocurrency market was on a rise: Bitcoin (BTC) was still trying to gain strength in the $20,000 area, while Ether (ETH), the Ethereum cryptocurrency, approached $1,700 per unit. Had been. All that movement has been erased from the chart in the afternoon hours.

The cryptocurrency market has retreated after giving a violent break. Now, at the time of writing on CoinMarketCap data, BTC has fallen in the $18,000 area, trading at US$18,845. this Tuesday, BTC has lost 4.75% of its market capWith a depreciation of about $1,000.

For its part, ETH is also reversing a positive start. The cryptocurrency went from flirting with $1,700, a level it hadn’t touched for weeks, back to the $1,500 level. It is currently trading at around $1,569 on the exchanges, down around 3% on the day.

Bitcoin Price.
BTC fell into the $18,000 area after failing to consolidate at $20,000. Source: CoinMarketCap.

With these two being the most valuable cryptocurrencies in the world, it is not surprising that the rest of the major cryptocurrencies in the market have also fallen with them. Binance’s BNB, the third with the most accumulated capital, is down 4.51% on the day,

Among the top 10 with the highest capitalization, Polkadot (DOT), Dogecoin (DOGE), Polygon (Matic), Shiba Inu (SHIB) and Cardano (ADA) stand out. All, after starting the day green, show a loss of around 6%,

It seems that some analysts and traders were expecting this drop. CryptoTony on Twitter commented on Monday that the market’s behavior was poised for a new decline. And now, with the drop in the price of BTC, that’s all. Added in a new tweet: «fall start».

For Su Part, Analyst Bob Loukasso seems to point There is a possibility of falling to even lower levels. In his analysis, he argued that we are on day 55 of the 60-day cycle. Earlier, when I used to count down to the 40th day, I warned that on all types of timeframes, the trend was down.

We must remember that, as we reported at Cryptonoticious, September has historically been a bad month for bitcoin and the cryptocurrency market. And it could be even worse, taking into account that there will be a number of events over the next few days that could affect price behavior: new announcements on inflation and interest rates in the United States.

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