Market analyst says that the entire cryptosphere is in a bear market while the prices continue to fall
Market analyst says that the entire cryptosphere is in a bear market while the prices continue to fall
The crypto economy has lost value this week and has lost 2.5% to $ 2.5 in the last 24 hours. The leading crypto-asset Bitcoin has fallen by 4.8% in the past seven days and Ethereum fell by 11.7% last week. The downward spiral suggests supporters of cryptocurrencies whether the bull run is over or not and whether the bear market has started.
bears continue to scratch the crypto economy down
After all-time high on November 10, the crypto-asset economy has lost enormous value and continues to drop every few days. After 69,000 $ 69,000 per unit on November 10, Bitcoin (BTC) managed to stay above the 60,000 dollar zone for six days,
Still, Bitcoin (btc) is traded by 149% more than that day last year. However, the monthly statistics show that Bitcoin is 26.1% and more than 30% below the all -time high. The second most important crypto-asset, Ethereum (eth) this week sank by 11.7% and the 30-tage-statistics shows ETH has lost 17.5%. Ether has also been up to date since the beginning of the year, since the price pro ETH is over 550% higher than at that time last year. The crypto-asset is located under the $ 4000 zone and is currently changing the owner for $ 3,845 per ether.
Bitcoin falls below the sliding 200-day average, analyst suggests further declines
In conversation with Alex Kuptsikevich, the leading market analyst of FXPRO, Kuptsikevich told Bitcoin.com News that the cryptocurrency market "was under impressive pressure on Monday afternoon". In addition, the crypto-anxiety- and gier-index from 28 to 21 returned to the field of extreme fear. "It is not easy to determine the new pressure wave, but it has intensified and expanded after the two biggest cryptocurrencies have given up their key positions," said Kuptsikevich.
"Bitcoin fell under his 200-day average and acted under $ 47,000 at the time of the letter. Without the intraday decline on December 6th, these have been the lowest values since the beginning of October, and Bitcoin lost a third of its value compared to its maximum," added the analyst. "On the whole, the highest stands at 69k were the starting point for the pressure on the BTCUSD. If the decline develop, it is worth paying more attention to the 40,000 and 30,000 values, important round levels where Bitcoin had previously turned up."
The leading market analyst from FXPro continued:
The entire cryptosphere is located in a bear market. Their overall capitalization is already more than 30 % lower than their highs, and attempts to consolidate beyond critical levels have failed. Last summer, the interest of the cryptocurrency investors returned after capitalization has dropped by more than half. This indicates a potential for a further decline of 30 % compared to the current level.
co -founder of the Huobi Group: "Bitcoin has to break through the descending trend line"
In conversation with du jun, the co-founder of the Huobi Group, the analyst btc has started to stabilize and concentrated Support of $ 47,000
"According to data from Huobi Global, btc maintained a sideways ingredient at noon, whereby the upper edge of the oscillation area at 47.500 USD and the lower edge was $ 46,200, ”du Jun told Bitcoin.com News. "Based on the 4-hour level K line chart, the price began to stabilize after the last night's decline, and the pivot of the current vibration is close to the price of the price of December 11th, which can be seen as a short-term test."
The co -founder of the Huobi Group Castle:
at the daily level is a slightly longer solid cross-negative with a clear downward trend in the course depths. The price is currently in weakness, a stabilization of 47,000 can only make the declining trend temporarily, the descending trend line and the 50,800 block must also be broken into a counterattack.
What do you think of Kuptsikevich's assessment of the crypto economy and the statement that the sphere is in a baisse? Do you think that the crypto economy is in a baisse? Let us know your opinion on this topic in the comments below.
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