Thursday, July 25, 2024

Bitcoin falls $48K on Wall Street’s opening day, as a trader cautions that altcoins are’rekt’ in comparison to BTC.

Bitcoin fell below $48,000, as per data obtained from Trading View and Cointelegraph Markets Pro. This was the lowest that Bitcoin had fallen to in several days.

It had earlier been expected before trading began that equities would add to all-time highs. However, expectations were belied. The fall in Bitcoin value only added to the losses. The losses over 24 hours amounted to $3000.

Bitcoin’s Continued Market Dominance

Traders were understandably circumspect and reluctant to make any bullish calls. Scott Melker, who is also known as the wolf of all streets, opined that such a fall would drive most people to panic. He said that he had been expecting such a fall since the first fall about 10 days ago. He added that he was now hoping for an Upward trend.

Other traders predicted that the end of 2021 would be characterized by low price action. However, on-chain metrics opposed this view and opined that strength would return to the markets.

Future Outlook

Trader and analyst Rekt Capital added that the fall could be attributed to a possible consolidation in BTC. A similar trend was observed during the BTC crash in May 2021. In support of his claim, he put forward BTC’s 50-week exponential moving average for a support level and the 21-week exponential moving average for resistance level.

The fall of BTC signaled a poor outlook for Altcoins. This led to the speculation that ‘altseason’ might be delayed.

Although BTC’s market cap was at a 6-month low, it rebounded above 40% after Dec 9. This was a threat for the outliers such as the ETH exchange rate against BTC. This had reversed from a 3-year high to new support. What the market is witnessing in all likelihood is a buy-the-dip zone.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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