Bitcoin is sticking to the crucial $16,000 level but remains vulnerable as the contagion of the FTX fallout continues to spread in the crypto market. Monday saw the popular cryptocurrency touch the low of $15,000. The sell-off saw the Bitcoin market sustain a loss of $1.9 billion on Friday last week. This was the fourth largest realized loss on the daily log in Bitcoin’s history.
At the time of writing this article, Bitcoin was trading at $16,720. It gained 1.19% in the last 24 hours. Ethereum up by 3.29% was holding at $1,202. The altcoins have seen gains. Solana is up by 12.20% in the last 24 hours. Polygon gained 1.81%, Polkdot 1.56%, XRP 1.41%, and Cardano 1.12%.
Data, according to CoinMarketCap, shows that the entire crypto market has some positive sentiments. All the coins are flashing in green. The market seems to be healthy and is not leaning toward the oversold or overbought side. As such, Bitcoin is likely to retrace toward the upside in the coming 24 hours. Santiment, a market intelligence platform, said the latest drawdown to under $16,000 that was recorded on Monday forced more weak hands to exit the market. But Bitcoin, at the same time, saw the lowest level of transactions made while in profit since November 2019. Bitcoin price has seen a bounce when the above metric trends are markedly negative.
Charlie Billelo, the founder and CEO of Compound Capital Advisors, said on Tuesday that Bitcoin’s bearish run had held for 376 days. This was the longest drawdown since prices remained in a downtrend for 410 days in 2013-2015.