Bitcoin (BTC) Continues Hard Decline, What Experts Say?
Bitcoin (BTC) has been dropping sharply since the early morning hours. The leading cryptocurrency has declined 22% in the last 24 hours and 3% in the last 1 hour. BTC was trading at $ 16,970 according to CoinGecko data at the time of writing.
Along with Bitcoin, there are serious declines in altcoins. Ethereum (ETH) and XRP, the stars of recent times, have also declined. ETH has dropped by 15% in the last 24 hours, while XRP by 24%. So what do analysts say about this?
In the morning, Coinbase CEO Brian Armstrong claimed that the rumors of new wallet regulations about cryptocurrency in the US caused the decline. BKoz’s Crypto, one of the local crypto money analysts, used the following statements for Bitcoin:
I have said that if it falls below 18,965 for Bitcoin, I would consider this increase as a deviation. Unfortunately it did. He came out of the ascending channel. Currently, it has reached the support range of 16.370-16.550. RSI (1s) dropped too much. I think he will get reaction from here. Six good support zones here are 15,600-15,800.
Similarities with the Previous Period
JJ Cycles, another analyst in the field, stated that Bitcoin experienced a 37% decline in 7 days as it approached its previous ATH. The analyst used the following statements:
When we last approached its previous all-time high (ATH), BTC had a 37% correction in 7 days. During this time ALT / BTC pairs were largely reversed, which meant the beginning of the Altcoin Bullrun. This time it probably won’t be too different.
Analyst Crypto Michael talked about altcoins during the fall. Michael used the following statements:
While Bitcoin is correcting, altcoins are not rising.
On the other hand, Bitcoin price drops are often seen as a result of liquidations in crypto derivatives exchanges. Indeed, about $ 1.9 billion of open interest has been purged from exchanges in the last 24 hours, according to The Block Research. Binance experienced the highest liquidation of approximately $ 840 million, followed by Huobi and OKEx.