BTC Slumped Towards $20K As Markets Lose $50B In 48-Hours

BTC slumped towards $20K as the markets lost $50 billion in the past two days so let’s have a closer look at our latest cryptocurrency news.

After the calm weekend, BTC started losing value gradually and dropped below $20,000 so most altcoins are in the red as well with some notable drops coming from LEO, MATIC, Litecoin, Solana, and AVAX. The working week went further better for the primary cryptocurrency which overcame the weekend’s collapse and surged to beyond $20,000. The asset jumped to a three-week high and hit $22,500. however, it was short-lived as BTC started retracing right after. It dropped by over $1000 right away and tried to bounce off but was then halted in the tracks. As such, it spent most of the week in sideways motions and ranged between $21,000 and $22,000.

As the weekend ended, the crypto started losing value and then dropped below $21,000 so the nosedive continued and BTC fell to a four-day low of over $20,300. it sustained above $20,000 but then it dropped by 4% on the day and the market cap declined below $400 billion. The alternative coins were rather calm over the weekend but most turned red. BTC slumped towards $20K and ETH charted a new low of $1150 sliding from the $1300 a few days ago.

Ripple, Cardano, DOGE, BNB, Shib, and DOT all declined by similar percentages in the past day and the most notable losses came from Avalanche, LEO, MATIC, Litecoin, and Solana which dropped by 5%. the situation with the mid-cap altcoins is grim as well and STEPN leads the trend with a 12% daily retracement after THORChain which dropped 10%, Elrond by 9%, Quant by 9%, and Enjin Coin by 8%. The cumulative market cap of the crypto assets dropped by $50 billion in the past two days and now sits over $900 billion.

As earlier reported, Bitcoin trimmed the recent gains and dropped below $21,000 so now it has to stay above $20,500 to avoid a huge drop in the near term. BTC failed to stay above this support and extended its drop. The price is trading below $21,500 and the 100 hourly simple moving average but there’s also a major bullish trend line forming near the $20520 support zone on the hourly chart. The pair can start another decline if there’s a move below $20,500.