The benchmark crypto dives towards the $17,000 after many days of consolidation with the coin now trading at $17,950, crashing by 4% in the past 24hours as the market posted a red day as we are reading more in the latest Bitcoin news today.
Ethereum is down by 6.5% over the past 24hours while other altcoins dropped more. The drop in the price of the number one cryptocurrency came as the US dollar index bounced from the past lows seen over the past week. The DXY underwent a strong drop last week which allowed the number one cryptocurrency to maintain high prices while boosting the stock market. The S&P500 is now up while BTC is down which only cemented the sentiment that shows how the markets were diverging.
Analysts think that this could be a sign for a bigger move lower for the benchmark crypto as one said:
“Starting to look like the flip into the corrective mode. You can say hodl all you like, but it’s irrelevant at the frothy end of the market, where all the leveraged up, FOMO’d, moonboys piled in. That’s parabolas for you.”
A number of other analysts signaled caution after the recent technical and on-chain trends that came before. Willy Woo, the leading crypto analyst stated that the on-chain BTC structure shows that investors have to be more cautious here:
“Bitcoin on-chain structure saying to bulls “thou shall not pass”, not without a reset. A reset means many weeks of sideways or a decent bearish dip. Will we get a dip? There’s no impulse of coin movements that’s strongly bearish just yet. Waiting game.”
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