Crypto Markets Shed Nearly $20bn: Are The Bears Still Here?

The crypto markets seem to be declining over the past 12 hours, following Bitcoin’s lead and going downwards on the past day. As we can see from the latest cryptocurrency news, many major cryptocurrencies are facing significant levels of selling pressure that have sent most of them down by 5% or more.

In the coming altcoin news, we are also seeing drops and speculations about worsened conditions. Today’s drop, however, has led the crypto markets to shed nearly $20 billion from the weekly highs. In other words, the market fell from $187 billion to the current levels of $170 billion.

What the best cryptocurrency news sites reported besides this is the most dominant cryptocurrency, Bitcoin. As we can see from the crypto markets, BTC quickly surged to highs of $5,400 which showed as a level that is not enough for the dominant cryptocurrency to sustain. This is how BTC managed to reel down to its current price levels of roughly $5,050.

The descent of Bitcoin sparked today’s market drop and altered the technical strength of the aggregated crypto markets which were bullishly growing over the past week. Right now, analysts believe that Bitcoin may be heading to the $4,000 levels in the near future, which may stir up the altcoin news and lead many tokens to surrender as well.

According to the Cryptomist who is a popular cryptocurrency trader on Twitter, the crypto-currency news lately show that there is a big possibility of a further retrace. As she tweeted:

“$BTC There is the start of the drop I have been saying. RSI channel MUST break. Evaluating the RSI again, I do believe we could go low as $4390 (.5 fib) $4.2 (.618 fib) level. I’d be surprised if we go lower (will re-evaluate when levels reached.) 48 & 39 RSI I’m watching.”

While BTC and ETH are struggling, most of the major altcoins managed to drop nearly 10%, including the names of Ripple (XRP), Litecoin (LTC) and other altcoins. Over the next few days, it is expected for the altcoins in the crypto markets to closely track Bitcoin’s price action and align with it.